Vietnam: Ferrous Scrap Imports Fall by 30% M-o-M in Jan'20

Vietnam, one of the leading ferrous scrap importer witnessed a sharp fall in ferrous scrap imports in Jan'20, as it imported 0.33 MnT of scrap, down by 30% M-o-M as compared to 0.47 MnT scrap imported in Dec'19, as per the recent data released by the customs department.

On a yearly basis, scrap imports increased by 38% Y-o-Y in Jan'20, from 0.24 MnT of scrap imported in Jan'19. In CY'19 Vietnam scrap imports had increased by 8% Y-o-Y with imports recorded at 5.2 MnT, as against 4.8 MnT of scrap imported in CY'18.

Japan remained the largest scrap supplier with 42% share of total scrap imported by Vietnam in Jan'20, as it exported 0.14 MnT of scrap in Jan'20, down by 46% M-o-M against 0.26 MnT in Dec'19. Other major suppliers- USA and Hong Kong supplied a minimal quantity of scrap at 0.05 MnT each, increasing by 150% and 25% respectively in Jan'20.

Imported scrap offers to Vietnam for Japanese H2 increase sharply in Nov -Dec'19 from USD 275/MT CFR to around 295/MT CFR, by Dec'19 end, which may have resulted in a sharp fall in bookings of Japanese scrap for Jan'20 delivery.