Vietnam’s import scrap prices move up in new deals in line with global trend

Friday, 17 November 2023 16:26:18 (GMT+3)   |   Istanbul
       

SteelOrbis has learned that import scrap prices in Vietnam are moving up, supported by the uptrend observed in the international scrap market and by the billet prices offered to Vietnam. Over the past two weeks, billet prices in the country have moved up by $10-15/mt. With the recovery observed also in Taiwan, the only stagnant market in the region is now South Korea, where domestic scrap prices continue to move down while producers abstain from import scrap purchases.

This week, negotiations between Vietnamese buyers and US-based sellers for containerized HMS I/II 80:20 scrap have been carried out at $75/mt CFR Vietnam, $10/mt higher than the offer prices recorded two weeks ago. Indicative ex-US West Coast HMS I/II 80:20 offers for bulk cargoes to Vietnam are at around $395/mt CFR.

Japanese H2 grade scrap deals were concluded this week at $375/mt CFR Vietnam, moving up by $5/mt from the offer levels recorded two weeks ago. Vietnam also bought Japanese HS scrap this week at $395/mt CFR. Some buyers are looking for shindachi scrap, aiming for $395/mt CFR, SteelOrbis has heard, but Japanese suppliers’ target price for this grade is at around $400/mt CFR.

SteelOrbis’ reference price for ex-Japan H2 scrap has remained stable this week at JPY 49,000-51,500/mt ($328-345/mt) FOB. Due to the fluctuations in the Japanese yen-US dollar exchange rate, dollar-based quotations have increased by $1/mt. The lower end is represented by the deals for H2 scrap Vietnamese producers closed, while the upper end is represented by Taiwan’s H2 scrap import prices.  

$1 = JPY 149.33


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