Imported ferrous scrap prices in Vietnam have witnessed an uptrend on a week-over-week basis, with increases observed in US-origin HMS (80:20) and Japan-origin H2 bulk scrap, according to market participants.
The rise in imported scrap prices was supported by downstream domestic demand, as steel mills restocked their inventory levels ahead of the upcoming holidays this week.
However, despite the increase in imported scrap prices, Vietnamese steel mills continued to rely on domestic scrap to manage their material costs, as the local scrap supply remained limited. Buyer sentiments in the Vietnamese market were mixed, neither particularly strong nor weak, while Taiwanese buyers stepped back from the market.
The upward trend in imported ferrous scrap prices in Vietnam can be attributed to the restocking activities by domestic steel producers and the limited availability of local scrap material. As the country prepares for the upcoming holidays, steel mills sought to ensure adequate inventory levels, driving the demand for imported scrap and contributing to the price increase of up to $10 per tonne week-over-week.
