Vietnam: Imported scrap market quiet post Kanto tender

Vietnam's imported scrap market continued to remain silent after the recently concluded Japanese bellwether Kanto Tetsugen scrap export tender this month. Vietnamese buyers and steelmakers are not showing much appetite for imported material.

Additionally, the upward trend in finished steel demand post Tet holidays was not high. Also, imported scrap prices are inching down as domestic scrap prices are becoming more attractive.

• Offers for Japanese bulk H2 scrap stood at $450/t CFR Vietnam, stable w-o-w.
  
  
• Meanwhile, bulk offers for US-origin HMS 1&2 (80:20) were heard at $460/t CFR. Buyers are yet to resume bulk cargo bookings due to disparities in bids and offers.
  
  

A total of 11,500 t of scrap was awarded, with the average price at around JPY 53,362/t ($407/t) FAS for H2 scrap at the Kanto tender, SteelMint learnt from sources.

The first bid was placed for 6,000 t at JPY 53,510/t (408/t) FAS, while the second was for 5,500 t at JPY 53,200/t (406/t) FAS. According to sources, South Korean and Taiwanese buyers won the bids.

Vietnam's billet export offers up: Vietnam's BF-grade billet export offers increased by around $20/t as against last week as market activities in the country have improved after the prolonged Tet holidays. Current offers are at around $630/t FOB. However, no deal has so far been reported at this rate.

Overview of other South Asian scrap markets

• Thailand: Thailand's scrap prices for Central American shredded material are at $400-405/t CFR, while HMS (90:10) was offered at $420-425/t CFR LCB basis towards last weekend.
  
  
• Indonesia: Offers for Hong Kong-origin imported PNS mixed were heard at $450-455/t CFR JKT, down $5/t w-o-w, while rebar was quoted at $496/t CFR JKT.