Vietnam: Ferrous Scrap Imports Down by 29% in Nov'19
Vietnam, one of the leading ferrous scrap importer witnessed a sharp fall in ferrous scrap imports in Nov’19, as it imported 0.32 MnT scrap in the month, down by 29 % M-o-M as compared to 0.45 MnT scrap imported in Oct’19, as per the recent data released by the country’s customs department.
On a yearly basis too, scrap imports recorded a significant decrease by 41% Y-o-Y from 0.53 MnT scrap imported during the same period a year ago.
This is the second consecutive month, the country witnessed a sharp decrease in scrap imports after the highest scrap import reported at 0.7 MnT level in Sept’19 during the CY’19.
Japan remained the largest scrap exporter with a 60% share of total scrap imported by Vietnam in Nov’19, as it exported 0.19 MnT in Nov’19, decreasing by 21% M-o-M from 0.24 MnT of scrap exported a month back in Oct’19. Another major exporter was the USA, as it exported 0.06 MnT of scrap in Nov’19, up by 50% M-o-M with a 19% share.
As per data maintained with SteelMint showed, the scrap imports have increased on a monthly basis from the USA. Buyers made bookings from the USA at favorable prices during the Sept-Oct’19 as offers moved down during this period standing in the range of USD 253-255/MT CFR Vietnam in early Oct’19.
source: SteelMint
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