VIETNAM STEEL SCRAP: Tet holiday dampens buying sentiment

The upcoming Lunar New Year holiday in Vietnam, also known as Tet, has dampened buying sentiment during the week to Friday February 5, sources told Fastmarkets.

Offers for bulk Japanese H2 materials were at $385 per tonne cfr Vietnam this week, with a buyer bidding at $380 per tonne cfr Vietnam.
A rebound in the Japanese scrap market has led some Japanese sellers to raise offers to $400-405 per tonne cfr Vietnam, although buyers said this price level was not workable.
"Many buyers are observing. While Japanese prices are very volatile and rebounding this week, other prices in the United States and South Korea are weak," a buyer source told Fastmarkets on Friday.

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