SE Asia: Imported Scrap Market Observes Limited Trades
SteelMint learned from market participants that imported scrap trades in SE Asia remained limited on high offers and availability of stocks in hand. Most of the steel mills likely to wait for the next couple of weeks to start end-April & May delivery shipments.
Vietnam steel mills eye drop in offers, few deals reported - According to sources, Vietnam steelmakers have observed some conclusions however overall sentiments remained slow. Offers for bulk HMS (80:20) was assessed around USD 335-340/MT, CFR from US and USD 340/MT, CFR from Australia. Offers remain around USD 330-335/MT, CFR South Korea however, very limited inquiries heard.
In recent trades, a northern region based steel mill booked Hong Kong origin HMS 1&2 (50:50) scrap in bulk volume at around USD 339-340/MT, CFR. A bulk cargo comprising Japanese premium scrap heard to have booked at around USD 375/MT, CFR Vietnam.
Buying interest for Japanese scrap remains weak - According to sources, some bids for Japanese H2 reported at around USD 330-332/MT, CFR Vietnam in bulk cargoes. Japanese H2 offers remain in the range JPY 33,000-34,000/MT, FoB Japan while domestic scrap price stands at JPY 34,000/MT at Utsunomiya works of Tokyo Steel.
South Korean scrap demand remained subdued - Amid high inventories, Hyundai Steel hasn’t presented open bids for Japanese scrap since past one month, and also stopped purchases of higher grade scrap from Japan.
As per SteelMint’s Statistics -
-- Japan’s exports to Vietnam fell sharply by 73% M-o-M to 46,956 MT ferrous scrap against 174,962 MT in Dec’18.
-- Thailand’s ferrous scrap imports recorded at 101,990 MT in Jan’19, down 2% M-o-M against 104,491 MT in Dec’18 and down 43% Y-o-Y against 178,698 MT in Jan’18.
source: SteelMint
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