Japanese H2 scrap cargoes were offered at $480-490 per tonne cfr Vietnam, up $10 per tonne week on week. But not many cargoes were offered because sellers are awaiting the result of the Kanto Tetsugen auction next week before entering the spot market again.
One transaction was heard concluded at $480 per tonne cfr north Vietnam for a bulk Japanese H2 cargo. Market participants indicated that prices were around $475-480 per tonne cfr south Vietnam.
Japanese sellers said both domestic and export prices were quiet because the country’s Golden Week holiday ended on May 5 and work resumed on Thursday May 6.
“Many Vietnamese buyers are waiting for Japan to return from its holiday, as well as the next Kanto Tetsugen auction result, before purchasing more cargoes,” a buyer in Vietnam said.
Japanese heavy scrap was offered at $520-530 per tonne cfr Vietnam.
Hong Kong-origin H1&H2 (50:50) material was offered at $475 per tonne cfr Vietnam earlier this week, but offers were later withdrawn due to the volatile spot market.
Domestic scrap prices have increased by 500 Dong per kg ($21.68 per tonne), with Type 2 scrap being sold at 9,650 Dong per kg. Special scrap is being sold at 11,150 Dong per kg, while Type 1 scrap is being offered at 10,850 Dong per kg.
“Domestic scrap is still much cheaper, so import prices are really very high now,” a scrap buyer in Vietnam told Fastmarkets on Friday.
Long steel prices have also increased, with sellers hiking offers by 300 Dong per kg since last week.
A major steelmaker is offering 12-32mm CB300-V/SD295 and CB400-V/SD390 rebar at 16.78 million Dong per tonne, excluding value-added tax. These are for deferred payments of seven days; buyers making immediate payment will pay 50,000 Dong per kg lower.
The mill is also offering 6mm CB240-T wire rod at 16.93 million Dong per tonne and 7-8mm CB40-T wire rod at 16.88 million Dong per tonne, all excluding VAT.
Fastmarkets’ weekly price assessment of steel scrap H2, Japan-origin import, cfr Vietnam was $475-480 per tonne on Friday, an increase of $5-10 from $470 per tonne a week earlier.
Offers for deep-sea cargoes of heavy melting scrap 1&2 (80:20) from the United States were at $490 per tonne cfr Vietnam this week, with market participants expecting offers to increase further toward the end of the week.
A transaction was heard concluded at $485 per tonne cfr Vietnam for a deep-sea cargo from the US West Coast to a Japanese buyer, although this could not be confirmed directly by the counterparties.
There were unverified reports that a seller in the United Kingdom had offered a bulk cargo of HMS 1&2 (80:20) at $475 per tonne cfr Vietnam, although this could not be confirmed by the seller.
Fastmarkets’ weekly price assessment for deep-sea bulk cargoes of steel scrap, HMS 1&2 (80:20), cfr Vietnam was $485-490 per tonne on Friday, up by $10-15 from $470-480 per tonne a week earlier.
Sellers offered US-origin cargoes of containerized HMS 1&2 (80:20) at $440-450 per tonne cfr Vietnam this week, with buyers bidding at $440 per tonne cfr Vietnam.
Import prices for ferrous scrap in Vietnam increased during the week to Friday May 7 on bullish sentiment in the spot market, and could break the $500-per-tonne-cfr-Vietnam mark for bulk cargoes, industry sources told Fastmarkets.