Vietnam: Imported Scrap Offers Rebound

Imported scrap offers to Vietnam surged this week after witnessing a downtrend for 7-8 weeks since late Dec'20. Japanese scrap offers to Vietnam strengthened this week after bottoming out in the previous week.

Japanese H2 scrap in bulk is currently being offered at around USD 260/MT CFR Vietnam, moving up by USD 8-10/MT on a weekly basis. Few offers for Japanese origin Shredded and Shindachi scrap was reported at USD 282/MT and USD 287/MT, CFR levels in the closing of the last week.

Offers from the North American region continued to rise up, with HMS 1&2 (80:20) from USA origin presently being reported at USD 290/MT CFR Vietnam for Bulk cargoes, up by USD 5/MT w-o-w.

Trade sources confided that due to high bids from buyers in Taiwan for Japanese scrap suppliers have increased their offers for other export destinations as well including Vietnam. However, Vietnamese buyers are finding these offer levels on a higher side amid weak domestic market in Vietnam.

Indonesia: Few offers to Indonesia were witnessed this week, on improving market sentiments. Japanese Bushelling scrap was reportedly offered at around USD 290/MT CFR Jakarta, while P & S from Hong Kong origin was being offered at USD 300 CFR Jakarta.

Thailand: Offers for HMS 1&2 (80:20) from Central USA are being reported at USD 245-250/ MT CFR Thailand. Some offers for Chinese billet to Thailand currently stand at USD 415/MT CFR Thailand.