VIETNAM STEEL SCRAP: Falling Chinese futures temper bullish sentiment

Import prices for steel scrap in Vietnam increased this week amid high offers for both American and Japanese materials, although falling ferrous futures in China in the past two days have tempered some of the bullishness.

Bulk cargoes of heavy melting scrap 1&2 (80:20) were offered at $560-565 per tonne cfr Vietnam earlier in the week, but by Friday October 22, they had risen to $570 per tonne cfr.

Bids went from $545 per tonne cfr Vietnam at the start of the week to $560 per tonne cfr on Friday.

"It is more likely that anyone who wants to buy deep-sea bulk cargoes will have to pay at least $560-565 per tonne cfr Vietnam," a Vietnamese trader told Fastmarkets on Friday.

Fastmarkets’ weekly...


Paul Lim

October 22, 2021

09:35 GMT