Vietnam: Imported scrap trade remains slow, buyers wait for Kanto tender

Imported scrap trades in Vietnam remained slow while prices kept mostly firm on a weekly basis. A few bookings for Japanese scrap were heard concluded. Amid increased domestic prices, buyers showed interest for imported scrap offers.

Indicative offers for Japanese bulk H2 scrap were at $345-350/t CFR Vietnam, unchanged from last week.

However, price direction for Japanese scrap is likely to emerge after the Kanto scrap export tender, which is scheduled for 10 August. The tender prices fell considerably to JPY 9,006/t ($66/t) in July from JPY 53,560/t ($399/t) in June. Moreover, the Obon holidays will continue from 10-16 August in Japan.

US-origin bulk HMS cargoes were booked at $345-350/t CFR, unchanged w-o-w.

Despite sluggish demand for finished steel, buyers resumed imported scrap bookings at better prices compared to domestic offers.

Vietnam's billet export offers unchanged: Vietnam's BF-grade billet export offers stood at around $495/t FOB, stable w-o-w. However, no deals were heard concluded last week.

Overview of other SE Asian scrap markets

• • Thailand: Indicative offers for South American-origin HMS 1&2 (70:30) were at $270-275/t CFR Thailand. Similarly, Central America-origin HMS 1&2 (70:30) was offered at $280/t CFR.
    
    
  • Indonesia: Imported scrap offers for the most preferred oversized PNS grade from Australia were at $405/t CFR Jakarta, unchanged w-o-w. PNS from Hong Kong was heard offered at $420/t CFR.