VIETNAM STEEL SCRAP: Bullish sentiment, higher transactions boost prices

Import prices for ferrous scrap in Vietnam surged during the week to Friday May 14 amid bullish sentiment in the spot market among scrapyards, steel mills and traders.

Multiple factors have driven the price increases, chief among which is the rapid increases in regional and Turkish scrap prices, as well as booming downstream steel prices.
Buyers are also purchasing deep-sea cargoes from the United States and other locations, instead of costly Japanese scrap.
Japanese H2 scrap cargoes were offered at $520-525 per tonne cfr Vietnam, with one transaction concluded at $510 per tonne cfr Vietnam in the early part of the week.

There was market chatter that the third winner of the May Kanto Tetsugen auction, which had bought 5,150 tonnes of H2 scrap at ?48,015 ($438.19) per tonne on an fas basis, had sold the parcel to Vietnam at $505 per tonne cfr, although this could not be confirmed by...

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