Vietnam: Imported scrap prices on an uptick supported by active billet inquiries

Imported scrap prices in Vietnam have risen further towards the closing of last week. Few trades have been reported on increased offers.

"Due to very few imported scrap trades getting concluded, domestic scrap is in high demand" shared a Vietnam-based market participant.

• One deal was heard to have been concluded for less than 10,000 t of Japanese H2 scrap, and the cargo has been booked at $478/t CFR Vietnam basis
  
  
• SteelMint assessment for Japanese H2 now stands at $475-480/t CFR basis, registering a sharp hike of $15 against the beginning of the preceding week
  
  
• No firm offers were reported for US origin bulk HMS. SteelMint assessment for US origin bulk cargo stands at $475-480/t CFR Vietnam levels, moving up by over $20/t w-o-w
  
  

Domestic scrap prices maintain upwards momentum: There is a high chance for an increase in scrap prices, owing to low finished steel inventories, shortage of billet and scrap backed by good market sentiments, SteelMint learnt.

Domestic scrap prices increased further by VND 50/kg last weekend. Currently, H2 grade scrap price stands at VND 10,800/Kg ($470), whereas another grade of H1 is now available at VND 11,100/t kg ($483) basis.

Vietnam billet export offers up on active Chinese buying inquiries: Meanwhile, increasing overseas demand for billet and finished steel products has kept billet export offers on the higher side. The BF route billet export offers from Vietnam were reported at $640/t, FoB levels towards the end of the last week.

Indonesia's imported scrap offers remained steady on few trades: Indonesia imported scrap prices continued to be stable for the second consecutive week and numerous deals have been concluded throughout this week. PNS Singapore is traded at $468/t levels. Meanwhile, busheling was sold at $470/t CFR basis.

Indicative imported scrap offers:

• PNS: Fresh offers are being quoted at $460-465/t CFR Jakarta, unchanged w-o-w
  
  
• Busheling: Offers are at $470-475/t CFR Jakarta
  
  

Imported scrap prices in Thailand remain stable: Imported scrap offers to Thailand remained unchanged after the market resumed post-Thai New Year last week. Trades for Central America origin HMS 1&2 (80:20) were reported at $410/t CFR Thailand basis. Meanwhile, few Australian suppliers were targeting $430/t CFR basis.

Taiwan scrap market showed further improvement: Taiwan's imported scrap market has shown improvement in imported scrap trades as prices moved up. Fresh offers increased by $15-17 during the week. Numerous deals were confirmed last week, however, mills have opted to slow down trades this week as the prices were rising continuously. Further rise in prices is anticipated in the near future due to increased demand.

Recent offers:

• HMS 1&2 (80:20): $425-430/t CFR Kaohsiung, up by $15-17 w-o-w
  
  
• Shredded 211: $440-445/t CFR Taichung