VIETNAM STEEL SCRAP: Mixed sentiment after Kanto Tetsugen auction closes $9 per tonne lower

There was mixed sentiment in the Vietnamese import scrap market in the week to Friday October 9, due to the presence of both bullish and bearish factors in the spot market.

Optimistic market participants said the October Kanto Tetsugen auction results had fallen less than expected on Friday morning and that steel prices in China had increased after market participants returned after the Golden Week national holiday.
However, falling prices in key export destination Turkey dampened the mood. 
Two Vietnamese steel mills bought a total of 20,500 tonnes of H2 scrap at an average of 28,406 yen ($268) per tonne on an fas basis in October's Kanto Tetsugen auction.
The first winner was a Japanese trading house, which bought a 10,000-tonne cargo at 28,429 yen per tonne fas, while a second Japanese trading house bought a 10,500-tonne cargo at 28,384 yen per tonne fas.

The average price of 28,406 yen...

Published

Paul Lim

October 09, 2020

10:10 GMT

Singapore