SINGAPORE Ferrous scrap price offers into Vietnam have retreated in tandem with weaker international prices and sluggish domestic steel demand, sources told AMM sister publication Steel First this past week.
Offer prices into Vietnam for an 80-20 mix of containerized No. 1 and No. 2 heavy melting scrap HMS 1&2 (80:20) originating from the United States and Europe were put at $365 per tonne c.f.r., while similar material from South America and Africa was offered at $350 to $355 per tonne c.f.r., down about $5 to $7 per tonne from two weeks earlier, they said.
Trades were few and far between, with buyers making bids so low that most scrap dealers were unwilling to accept, sources said.
"They dont have to buy because the domestic market is quite slow. They cant turn a profit based on current billet prices," a senior trader from Ho Chi Minh City said.
Steel prices are normally higher during this time of the year, ahead of the week-long National Day holiday in China on Oct. 1-7, but this isnt the case this year, he said.
"Prices are going the opposite way," he said. "Nobody has a good feeling about the market and the outlook next year is also not looking good either."
In Europe, AMM sister publication Metal Bulletins Daily Ferrous Scrap Index for HMS 1&2 (80:20) at $354.40 per tonne c.f.r. Turkey Sept. 26, down from $357.02 per tonne c.f.r. two weeks earlier.
Prices were lower in the United States, with AMMs East Coast Ferrous Scrap Export Index last at $344.48 per tonne following a drop in prices for HMS 1&2 (80:20) booked to Turkey Sept. 13 (amm.com, Sept. 16).
Two more bulk cargoes were said booked from the East Coast Sept. 24 to Sept. 25. The HMS 1&2 (80:20) in the second cargo was sold at $363 per tonne c.i.f., indicating a $3-per-tonne drop in delivered values to Turkey vs. Sept. 13 levels (amm.com, Sept. 27).
A version of this article was first published in AMM sister publication Steel First.