VIETNAM SCRAP: Market continues hot streak, but forecasts diverge

Prices for bulk ferrous scrap cargoes imported into Vietnam have continued to rise over the week ended Friday May 29 but some market sources were unsure whether the upward momentum would persist.

Vietnamese scrap prices have performed strongly over the past seven days amid a combination of high demand from the South-east Asian country and Japanese sellers pushing prices upward.
The high prices paid by Vietnam have bewildered market participants in other Asian countries such as South Korea, where bid prices for Japanese scrap have lagged far behind those from Vietnam this week.
Bullish economic sentiment was at the heart of the price rise, according to one Vietnamese trader.
"Over recent months, we have not imported much scrap. Now our country has no [Covid-19] virus and life is [back to] normal," he said.

Vietnam reported no new Covid-19 cases on May 28 and has only confirmed 327 cases since the start of the outbreak, with no deaths,...

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