VIETNAM SCRAP: Bullish sentiment for May Kanto Tetsugen auction

There is bullish sentiment in the Vietnamese scrap import market due to increased demand and expectations of higher prices for the Kanto Tetsugen auction next week.

Bids for bulk cargoes of Japanese H2 scrap were heard at $230-235 per tonne cfr southern Vietnam, against offers at $240-245 per tonne cfr southern Vietnam.
"Ferrous scrap collection in Japan is limited and prices have increased. Buyers will have to pay higher if they want materials," a Vietnamese trader told Fastmarkets on Friday May 8.
Fastmarkets’ weekly price assessment for steel scrap H2, Japan-origin import, cfr Vietnam was $240 per tonne cfr on Friday, increasing by $5-6 per tonne from April 30.

Many Japanese suppliers were also waiting for the Kanto Tetsugen auction to be concluded on May 12, a seller in Vietnam said, especially after Japanese market participants had returned to work on Thursday after the Golden Week break, which contained a number of holidays between April 29 and...

Published

Paul Lim

May 08, 2020

10:29 GMT

Singapore