According to Mining News Pro -SteelMint learned from industry participants that imported scrap markets in major South East Asian countries like Vietnam, Indonesia and Thailand have witnessed slowdown in activities pulling scrap prices marginally down as compared to last week. While suppliers from USA, UK and Europe origin remained steady amid offering very limited volumes at lower levels.
Vietnamese scrap market quite on low billet offers - Vietnam’s domestic steel mill - Formosa Ha Tinh Steel Corporation lowered steel prices last week resulting putting domestic prices under pressure and less buying interest for scrap.
Hong Kong origin containerized HMS 1&2 (50:50) sold in the range of USD 340-345/MT, CFR Vietnam broadening the range at around USD 345/MT last week. While bulk HMS 1&2 was being offered at around USD 352/MT, CFR.
Offers for Japanese bulk H2 were reported stable at USD 355-360/MT, CFR Vietnam. However, export prices out of Japan were heard to have fallen to JPY 35,000-36,000/MT, FoB, down from JPY 36,000-36,500/MT, FoB last week.
While offers for Shredded scrap heard at around USD 360/MT, CFR. Offers for HMS 1&2 (80:20) from Australia and UK heard at around USD 325-335/MT, CFR Vietnam, down USD 5-10/MT W-o-W with recent UK deal concluded in the range USD 325-330/MT, CFR. Vietnam scrap importers remained sidelines amid necessary inventories and downstream of rebar and billet prices.
Indonesia scrap offers rebound - Busheling offers to Indonesia heard at around USD 400-405/MT, CFR against USD 395-400/MT levels last week and UK Shredded was offered in the stable range USD 360-365/MT, CFR Jakarta. P&S grade scrap offers available at around USD 390/MT, CFR. Few deals were also reported at quoted offers.
Supply was described as stable but US sellers are anticipating some tightness in the coming winter, when it usually becomes more difficult to collect and process scrap.
