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
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).
version of this article was first published in AMM sister
publication Steel First.