Posted on 31 Aug 2022
Scrap prices continue to increase in Vietnam, Kallanish notes.
Offers for Japanese H2 have risen to $430/tonne cfr Vietnam, up from $420-425/t cfr last Friday. “Steel scrap is going up [like] crazy,” a Hanoi trader says. Certain buyers are willing to pay $410-415/t now, he points out, adding that he heard the last booking was concluded at $412/t cfr. But Japanese sellers are less inclined to offer to Vietnam because they are first waiting for bids from South Korea's Hyundai and Posco, he adds.
A southern Vietnam trader nevertheless says he does not know of any Vietnamese buyers who can give bids at $410-415/t cfr. A buyer meanwhile says he is also not certain of that price level. “The Chinese market is crashing. Sentiment is very bad,” he opines. H2 was heard booked at $400-405/t cfr Vietnam last week.
Container HMS 1/2 80:20 was heard booked this week at $390/t cfr Hai Phong, trading sources say. This was for a 3,000-tonne order on 90-day letter of credit, a trader reports. Last Friday, container HMS was traded at $375/t cfr Cai Mep.
In Japan, leading EAF operator Tokyo Steel is paying JPY 47,000/t ($340/t) for H2 grade scrap trucked to its Utsunomiya steelworks, effective 30 August. The mill was previously paying JPY 46,000/t during 25-29 August.
Source:Kallanish
