Vietnam, South East Asia's largest ferrous scrap importer, has witnessed a fantastic price correction. Meanwhile, prices have corrected above $50/tonne (ton) in the past month. However, limited trade was recorded for imported material, especially despite the sharp decrease in imported scrap prices. Market players chose to wait and watch for further price corrections.
Japanese origin H2 grade bulk offers are at $495-500/ton CFR Vietnam, down marginally by $3/ton at lower offers.
Local scrap prices are down by $13/t. According to the latest reports, domestic scrap prices in Vietnam have decreased by VND 300/ton ($13/t). Procurement prices of H1 and H2 grades were VND 10,700/kg ($465/t) and VND 10,400/kg ($452/t) respectively.
BF-route billet offers from the country rose $5/ton to $615/t FOB.No deal was heard last week.
In addition, many steelmakers expect current inventories to decrease. Slow domestic consumption made them monitor the market.
Overview of other South East Asian markets
In the Indonesian scrap market, the market sentiment remained negative. Fresh offers for Australian origin minced 211 are at $518/t CFR Jakarta, while offers for PNS are at $535/ton CFR Jakarta. However, limited deals have been heard at these levels.
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