Vietnam Records Highest Ever Monthly Scrap Import from Japan in Feb'20

Total Ferrous Scrap Imports to Vietnam Climbed Up by 52% M-o-M in Feb'20

Vietnam, one of the leading ferrous scrap importer witnessed a sharp increase in ferrous scrap imports in Feb'20, as it imported 0.5 MnT of scrap, up by 52% M-o-M as compared to 0.33 MnT scrap imported in Jan'20, as per the recent data released by the customs department.

On a yearly basis too, scrap imports increased by 138% Y-o-Y in Feb'20, from 0.21 MnT of scrap imported in Feb'19.

Exports from Japan shoot up by 150% M-o-M: Japan remained the largest scrap supplier with a 70% share of total scrap imported by Vietnam in Feb'20, as it exported 0.35 MnT of scrap in Feb'20, up by 150% M-o-M against 0.14 MnT in Jan'20. This is Vietnam's highest ever monthly scrap import recorded from Japan. Other major suppliers- USA and Hong Kong supplied a minimal quantity of scrap at 0.07 MnT and 0.02 MnT respectively.

After peaking in December end, offers for Japanese scrap export move down by over USD 10/MT in Jan'20, encouraging active bookings for Feb'20 delivery.