VIETNAM STEEL SCRAP: High offers cause buyers to stay away

High offers for Japanese and United States-origin ferrous scrap saw Vietnamese buyers stay away from the spot import market in the week to Friday June 12, with some market participants suggesting that prices have peaked and are likely to move down from now on.

There was a confirmed transaction at $278 per tonne cfr southern Vietnam this week and rumors of a transaction at $275 per tonne cfr southern Vietnam, but the parties could not be confirmed.
A buyer was heard to have bought a bulk Japanese H2 cargo at $285 per tonne cfr southern Vietnam, but this could not be verified.
Bids for bulk cargoes of Japanese H2 scrap were at $275 per tonne cfr southern Vietnam this week. Offers were at $275-285 per tonne cfr southern Vietnam.

There was a transaction at $280 per tonne cfr northern Vietnam for Japanese H2 scrap and offers at $285-290 per...

Published

Paul Lim

June 12, 2020

11:06 GMT

Singapore