Vietnam: Imported scrap trade yet to pick up post-Tet holidays

Vietnam's imported scrap market resumed after a week-long Tet holiday. Steel producers are yet to reach their operations at total capacity, post-holidays. However, imported scrap prices remain high, on the back of active trading activities from global scrap leader Turkiye.

• Indicative offers for Japanese bulk H2 scrap surged to $440-445/t, moving up significantly by $15/t w-o-w. However, tradable prices remain at $435/t CFR Vietnam.
  
  
• Meanwhile, bulk offers for US-origin HMS 1&2 (80:20) were heard at $450-455/t CFR, slightly up by $5/t w-o-w.
  
  

Imported scrap prices are likely to remain high as suppliers expect trade to pick up with the opening of the Chinese market. Furthermore, a few trade channels said that material shortages in major supplying countries such as the United States may keep scrap prices firm as some of them started quoting higher in their major exporting destinations.

A couple of bids have been heard for containerised material of US-origin HMS 80:20 but the rumoured transactions could not be confirmed from the buyer's end.

Overview of other South Asian scrap markets

• Thailand: Thailand's scrap prices for Australia and New Zealand-origin HMS (80:20) were at $418/t CFR LCB.
  
  
• Indonesia: Offers for imported blue steel/PNS mixed were heard at $450/t CFR JKT, while HMS (90:10) was quoted at $410/t CFR JKT.