SE Asia: Buyers Lower Bid for Imported Scrap Purchase

Imported scrap offers to South East Asia continued the downward trend for another week, as prices moved down by another USD 10/MT on a weekly basis, SteelMint learned from industry participants. Limited deals were reported to conclude on gap between bids and offers, while the market continues to remain cautious.

Indonesia - Offers for imported scrap to Indonesia moved down again last week. P&S scrap offers from most origins stood at USD 270/MT CFR Jakarta, Indonesia, however, Buyer's bids for the UK, as well as Brazil origin P&S scrap, now stands at USD 260-265/MT CFR Jakarta with limited bookings being reported in the week.

Busheling scrap from the UK, as well as Brazilian suppliers, are being offered at around USD 270-275/MT, down by over USD 10/MT w-o-w. Few offers for Bluesteel stood at around USD 275/MT CFR Jakarta.

Shredded scrap from North America and Europe dropped by another USD 10/MT with offers of USA & UK origin Shredded scrap in containers standing at USD 250/MT, CFR Jakarta while HMS 1&2 (80:20) was being offered at around USD 240/MT, CFR.

Buyers in Indonesia are looking to book from nearby origins like Singapore, Malaysia, Hong Kong on shorter transit time, while few offers from these origins include USD 280/MT for Oversized P&S, USD 260/MT for A Bundles, CFR Jakarta.

Vietnam - In line with the global decline, the Vietnamese market also continued to drop last week, with prices falling further all through the week.

Japanese H2 scrap is being offered at around USD 250/MT CFR Vietnam, down USD 5-10/MT against the previous week, while other grades from Japan included HS at USD 285/MT and Shindachi scrap at USD 275/MT CFR Vietnam, in bulk vessels.

Last week, few cargoes from Hong Kong comprising of HMS (50:50) were sold at USD 240/MT to South Vietnam, CFR basis.