SE Asia: Imported Scrap Offers Rise Up To USD 10; Trades Slow Down

Imported scrap trades to Vietnam have slowed down this week on sharp increase in Japanese bulk scrap offers from most of the suppliers' end. Offers from the USA too witnessed an upward movement this week, with the rise in global prices on Turkish uptrend last week.

Offers for Japanese H2 scrap in Bulk shipments have sharply increased this week and currently stand in the range of USD 281-281/MT CFR Vietnam, up by USD 7-10/MT against last week's report.

Bids by most buyers for Japanese H2 scrap is being reported at around USD 277-278/MT CFR, however, with suppliers remaining firm in their offers, very few deals are being concluded this week.

A further increase was witnessed in the bulk offers of USA origin cargoes. Presently, HMS 1&2 (80:20) from the USA in bulk vessels is being offered at around USD 285/MT CFR Vietnam, rising by another USD 5-6/MT in comparison to last week, while a further increase can't be ruled out, due to sharp rise in Turkish offers last week.

Indonesia - Indonesian market stayed mostly silent this week with very little trades being reported.
Bids by several Steel mills were observed including from nearby origins. and Bids for P&S from Singapore currently stand at USD 295/MT CFR Jakarta, while P&S from further origins was bid at USD 290/MT. Offers for Bushelling stood at USD 305/MT CFR, with most bids in the range of USD 300-305/MT CFR Jakarta.

Regarding the new regulations on the import of Ferrous Scrap to Indonesia, to be implemented from 23rd Nov'19, Indonesian Steel mills have signed in a letter and submitted to the Ministry asking to recall this policy, stating its effects on the scrap trade in the region. Steel mills are optimistic about the situation, however until now, there is no official announcement from the Ministry about any changes in the same.