VIETNAM STEEL SCRAP: Preference for US scrap disappears after massive offer hike

An emergent preference for United States-origin scrap dissipated in the week to Friday September 11 after sellers in the West Coast region raised offers by as much as $15-20 per tonne, according to market sources.

Bookings of Japanese material continued this week even after the Kanto Tetsugen auction closed $20 per tonne higher on Wednesday September 9.
Transactions were concluded at $310 per tonne cfr southern Vietnam during the past week for at least two 10,000-tonne cargoes, sources said. Further checks confirmed these were for the Kanto Tetsugen auction cargoes, which had been sold to traders fixing Japanese H2 cargoes to Vietnam.
Other sources said they expected negotiations to be at $310-315 per tonne cfr Vietnam this week.

"The huge price surge for both American and Japanese scrap has shocked...

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