VIETNAM SCRAP: Buyers balk at costly deep-sea scrap

Vietnamese buyers balked at the high offer for a deep-sea bulk cargo of ferrous scrap this week, preferring to purchase cheaper Japanese material instead.

A seller offered a 20,000-25,000-tonne bulk cargo of Australian heavy melting scrap (HMS) 1&2 (80:20) at $270-275 per tonne cfr Vietnam at the start of the week, which is $20-25 per tonne higher than last week’s offer of $250 per tonne cfr amid bullish sentiment generated by continued buying by Turkish mills.
These Turkish mills had made purchases at $257-258 per tonne cfr.

But by Friday, the offer had fallen to $248 per tonne...


Paul Lim

April 17, 2020

09:10 GMT