"Prices just keep increasing. We are looking for alternative supply other than US or Japan-origin," a Vietnamese buyer told Fastmarkets on Thursday July 30.

Bid-offer gaps and negotiation levels were at wide ranges this past week.

Market sources reported a wide range of transactions for bulk Japanese H2 cargoes, including $257 per tonne cfr southern Vietnam, a 5,000-tonne cargo at $260 per tonne cfr southern Vietnam and $267-268 per tonne cfr Vietnam.

Prices at $260-270 per tonne cfr Vietnam were deemed more representative of the current spot market. Buyers said they had heard bids at $268-270 per tonne cfr Vietnam.

"Given the weak downstream long steel prices in Vietnam, buyers are not able to increase their bids too high," another Vietnamese buyer told Fastmarkets on Thursday.

Offers for bulk Japanese H2 cargoes were at $265-270 per tonne cfr southern Vietnam and $272-277 per tonne cfr southern Vietnam, up from $260-270 per tonne cfr Vietnam last week. Similar materials were offered at $280 per tonne cfr northern Vietnam.

Offers for high-grade Japanese HS were at $295-300 per tonne cfr Vietnam. There was also an offer at $315 per tonne cfr Vietnam, although this was considered too high by market participants.

Bulk Japanese shredded was offered at $293 per tonne cfr Vietnam.

Hong Kong-origin H1&H2 (50:50) scrap was on offer at $270-277 per tonne cfr southern Vietnam, up by $10-17 per tonne week on week.

"Demand is strong from Asia, including Indonesia, Thailand, Vietnam and South Korea, so buyers are paying higher to secure materials," a Vietnamese trader told Fastmarkets on Thursday July 30.

The upward price trend in key import market Turkey has also bolstered sentiment, especially with import prices reaching $275 per tonne cfr, sources said.

Fastmarkets’ weekly price assessment for steel scrap H2, Japan-origin import, cfr Vietnam was $260-270 per tonne on Thursday, up by $5-10 per tonne from $255-260 per tonne on July 24.

Bulk cargoes of HMS 1&2 (80:20) from the United States West Coast were offered at $285 per tonne cfr Vietnam. Bulk shredded scrap was offered at $290 per tonne cfr Vietnam, while bulk plate & structural (P&S) scrap was offered at $295 per tonne cfr Vietnam.

Bulk cargoes of HMS 1&2 (80:20) from Australia was offered at $285-290 per tonne cfr Vietnam.

There was limited interest for such materials, although market sources said Vietnam would likely have to pay at least $280-285 per tonne for such materials.

Fastmarkets’ weekly price assessment for deep-sea bulk cargoes of steel scrap, HMS 1&2 (80:20), cfr Vietnam was $280-285 per tonne on Thursday, up by $10 per tonne from $270-275 per tonne cfr Vietnam on July 24.

Bids for containerized cargoes of US HMS 1&2 (80:20) were at $240-245 per tonne cfr southern Vietnam this week, sources told Fastmarkets. Bids for containerized cargoes of busheling from the US' West Coast were at $260 per tonne cfr southern Vietnam.