Posted on 07 Jul 2021
The Vietnamese scrap import market has moved sideways for the past 2-3 weeks, Kallanish understands. Offers and recent deals indicate little price movement.
“The market is flat and boring,” a Vietnamese trader says.
A southern Vietnamese mill booked Japanese H2 scrap on 30 June at $484/tonne cfr Phy My. This price was workable for another shipment on 2 July but the mill did not book more, sources close to the producer say.
Offers for Japanese H2 quality scrap are prevailing at a minimum of $490/t cfr, unchanged from last week, trading sources said on Tuesday. “Suppliers are mainly seeking high prices for high-quality scrap, but not for the lower-quality scrap,” a mill manager says. Since domestic rebar demand is weak, scrap prices have no support to rise. “There is no margin for the mills to increase scrap prices,” he adds.
Another southern Vietnamese mill also ordered scrap last week. It booked a 15,000-tonne cargo of HMS 1&2 80:20 from Australia at $510/t cfr Phu My. The shipment date should be August or September, a trader says. He thinks however that suppliers could now be asking for more for HMS scrap because a leading Vietnamese mill is unable to secure 80:20 with its bid at $510/t cfr. Hong Kong HMS 1&2 50:50 scrap was offered on 6 July at $486/t cfr Vietnam, importing sources say.
Source:Kallanish
