VIETNAM STEEL SCRAP: Buyers book deep sea-cargoes on narrow premium over Japanese material

Spot prices in the key Vietnamese scrap import market increased in the week to Friday March 5, with key buyers setting eyes on bulk deep-sea HMS 1&2 (80:20) cargoes over Japanese H2 cargoes due to the thin premium the former is commanding.

Two transactions for bulk HMS 1&2 (80:20) cargoes were concluded on Thursday at $474 per tonne and $477 per tonne cfr Vietnam. One cargo was from Australia, while the other was from the United States' West Coast.
One buyer was heard to be a steel corporation headquartered in north Vietnam, while the other buyer was heard to be based in south Vietnam's Ho Chi Minh city.
Offers for such materials were at $470 per tonne cfr Vietnam at the start of the week, in line with offers to South Korea.

Bids were at $465 per tonne cfr Vietnam at the start of the week. There was market chatter that there was a transaction concluded at $465-470 per tonne cfr Vietnam, although this could not be...

Published

Paul Lim

March 05, 2021

10:35 GMT

Singapore