VIETNAM STEEL SCRAP: Mills seek deep-sea scrap amid tight domestic supply

Spot prices in the Vietnamese scrap import market continued to fall in the week to Friday August 13 due to poor downstream supply caused by rising Covid-19 cases, sources told Fastmarkets.

Steel mills were seeking deep-sea bulk cargoes due to a shortage of domestic scrap caused by Covid-19 lockdowns, although this failed to bolster spot prices. Japanese sellers were also reluctant to offer cargoes due to the Obon Festival from August 13-16.
There was a transaction concluded at $495 per tonne cfr Vietnam in the week for a bulk heavy melting scrap (HMS) 1&2 (80:20) cargo from the United States' West Coast which had been bought by a major blast furnace-based steel mill, sources said. Major steelmakers did not confirm this when contacted.

Offers for bulk HMS 1&2 (80:20) were at $500 per tonne cfr Vietnam, falling from $503 per tonne cfr Vietnam...

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