Vietnamese scrap market surges after Kanto Tetsugen auction sets price floor

Prices for imported scrap in Vietnam continued to surge after the much-anticipated conclusion of the Kanto Tetsugen auction set a more transparent price level for spot prices in the region, market participants told Fastmarkets in the week to Friday January 14.

Both winners of the Kanto Tetsugen auction are sending their materials to Vietnam, amid increased demand from buyers and bullish ferrous markets in Asia.
Bulk Japanese H2 scrap was offered at $495 per tonne cfr southern Vietnam and at $505 per tonne cfr northern Vietnam.

Offers for Hong Kong-origin H1&H2 (50:50) were heard at $476 per tonne cfr Vietnam before the Kanto Tetsugen auction, although bids were at $480 per tonne cfr...

Published

Paul Lim

January 14, 2022

10:16 GMT

Singapore