Japanese H2 scrap re-enters Vietnam market on supply pressure

Japan-origin H2-grade ferrous scrap re-entered the Vietnamese import market this week because a seller was trying to offload export cargoes in the face of supply pressure. This was despite higher prices in the domestic Japanese market.

Taiwanese import scrap prices dipped slightly on thin demand from steel mills, which expect the downstream rebar and sections markets to remain bearish. The overnight falls in global equity markets added to the bearish sentiment in Asia, with some market participants staying on the sidelines this week. Vietnam Fastmarkets’ assessment of import prices for HMS 1&2 (80:20) sold into Vietnam was $350-355 per tonne cfr for the week ended Friday October 12, unchanged from last week. There were deals done at $351 per tonne cfr south Vietnam for two large shipments of Japanese H2 scrap. This price was lower than previous offers of $355-360 per tonne cfr Vietnam. Some Japanese recyclers...

Published

Paul Lim

October 12, 2018

15:42 GMT

Singapore