Vietnam: Imported Scrap Prices Drop Again on Low Buying Interest

After a sudden surge last week, Japanese scrap offers to Vietnam moved down again, as considerably low bids from mills and low buying interest at these levels, pulled down the workable price level. Other global origins offers too inched down on a weekly basis.

Japanese H2 scrap offers in bulk have now come down to USD 251-252/MT range CFR Vietnam, down by USD 8/MT against last week, when H2 offers had shot up to USD 260/MT CFR. Buyers are presently bidding at USD 246-247/MT CFR, for Japanese H2, with no major bookings in the recent few days.

Higher grade Japanese scrap offers also nosedived after brief jump in the previous week. Shindachi scrap from Japan is currently being offered at around USD 275/MT CFR Vietnam, sharply down against 287-288/MT CFR in during previous week. Few bids for Japanese Shredded were observed at around USD 265/MT CFR today.

Meanwhile, USA origin HMS 1&2 (80:20) in bulk is reported to being offered at USD 288/MT CFR, slightly lower than 290-292/MT levels during last week, with market anticipating global price trend to move downwards on the persisting of covid-19 coronavirus outbreak's impact on the global industry, amid other factors such as silence in the Turkish scrap import market.

Indonesia: Offers for imported scrap of various grades were witnessed with slight drop in price levels. Busheling from different origins is being offered at around 290/MT CFR Jakarta, while P&S offers were mostly assessed at around USD 290/MT CFR. Few offers of Shredded in containers from Japan were heard at USD 275/MT CFR.