Posted on 13 Jan 2023
Japanese scrap export prices have risen in the latest Kanto Tetsugen monthly export tender, Kallanish notes. In Vietnam, tight credit measures continue to adversely affect the steel industry.
In the latest tender, which opened on 12 January, Sangyo Shinko was awarded 6,000 tonnes for H2 grade scrap at JPY 51,030/tonne ($388/t) fas and JFE Shoji secured 5,000t at JPY 50,815/t. The average tendered price was JPY 50,932/t fas (around JPY 52,000/t fob) is JPY3,364/t higher than the last tender in December.
Meanwhile, market sources in Vietnam are awaiting new offers for Japanese H2 scrap after the tender. The latest offers on Wednesday were at $425/t cfr Vietnam. The import market was quiet last and this week, importing and trading sources say. Offers last week were prevailing at $420/t cfr, and some buyers were aiming to bid at $410/t cfr.
Credit restriction measures continue to hit the Vietnamese steel industry. Domestic demand is not able to absorb local steel production because developers are struggling to get credit, a mill manager says on Thursday. Steel producers are not able to compete in export markets either because other countries have lower financing costs, he adds.
Source:Kallanish
