VIETNAM STEEL SCRAP: Covid-19 resurgence dampens buying sentiment

A resurgence of Covid-19 in Vietnam and the continual price falls in the Japanese domestic scrap market have dampened buying sentiment in the week to Friday January 29, sources told Fastmarkets.

Offers for bulk Japanese H2 materials had initially been at $415-420 per tonne cfr Vietnam on Tuesday before falling to $400-405 per tonne cfr Vietnam by Wednesday.
There was a transaction concluded at $380 per tonne cfr Vietnam late Wednesday or early Thursday, before offers slid further to $380 per tonne cfr Vietnam on Thursday.
"When I heard the $380 per tonne cfr Vietnam transaction, I was shocked. But after looking at Japan's fob prices, it became clear that it was very possible," a Vietnamese trader told Fastmarkets on Thursday.
Industry sources estimated that prices were at $375 per tonne cfr Vietnam by Friday.

Sentiment had initially been boosted on Thursday by news of a major South Korean steelmaker bidding at ?35,000 ($336) per tonne fob...

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