VIETNAM STEEL SCRAP: Bulk buyers hold back, but demand steady for containerized high grades

Buyers of bulk cargoes of scrap imports in the key Southeast Asian market of Vietnam continued to take a wait-and-see approach this week amid unclear trends in the market as well as that for steel in Asia.

But demand for containerized shredded scrap and plate and structural (P&S) scrap was still strong, industry sources told Fastmarkets.
Japanese H2 scrap was offered at $490-500 per tonne cfr Vietnam this week, but buyers were hesitant to purchase these after a series of transactions were concluded at $470-480 per tonne cfr Vietnam last week.
"Purchasing managers don't have permission to purchase at higher prices this week, so it was not easy to conclude any transactions," a seller source in Vietnam told Fastmarkets on Friday June 4.

The unpredictable steel price trends in China have also caused buyers to be wary of committing to scrap cargoes in case import prices for billet in...

Published

Paul Lim

June 04, 2021

09:57 GMT

Singapore