Vietnam: Ferrous Scrap Imports Up by 6% Q-o-Q in CY Q1'20

Vietnam, one of the leading ferrous scrap importer observed a slight uptick in ferrous scrap imports in Q1'20, as it imported 1.32 MnT of scrap, up by 6% Q-o-Q as compared to 1.24 MnT scrap imported in Q4'19, as per the recent data released by the country's customs department.

On a yearly basis too, scrap imports increased by 67% Y-o-Y in Q1'20, from 0.79 MnT of scrap imported in Q1'19.

Japan remained the largest scrap supplier in total scrap imported by Vietnam in Q1'20, as it exported 0.81 MnT of scrap in Q1'20, up by 9% Q-o-Q against 0.74 MnT in Q4'19. Scrap imports in Feb and Mar'20 observed quite high at 0.5 MnT and 0.49 MnT respectively.

Vietnamese steelmakers had found imported scrap offers for Japanese H2 at the favourable range during the late Nov'19 to early Dec'19 when Japanese H2 scrap price stood between USD 270 to 283/MT CFR Japan, which resulted in the increased number of bookings for Feb and March'20 shipments.

Other major suppliers- The USA and Hong Kong supplied a decent quantity of scrap at 0.19 MnT (up by 58%) and 0.1 MnT (down by 17%) respectively in Q1'20.