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VIETNAM STEEL SCRAP: Buyers shun imports on narrow scrap-billet spreads Spot prices in the key Vietnamese scrap import market rebounded strongly during the week to Friday February 26, even though buyers with inventories were not actively purchasing due to high prices and the narrow scrap-billet spread, according to market sources. Japanese H2 was offered at $440-445 per tonne cfr Vietnam in the early part of the week, up $20 per tonne week on week. But offers increased to $455-460 per tonne cfr Vietnam by Thursday, with bids at $440 per tonne cfr Vietnam, and to $460-465 per tonne cfr Vietnam by Friday.
Buyers were not interested in purchasing H2 cargoes at these prices, preferring instead to purchase domestic scrap.
Spot prices in the key Vietnamese import market rebounded strongly in the week to Friday February 19 following the country’s Lunar New Year holiday, sources told Fastmarkets.
Taiwanese importers of containerized ferrous scrap have had to pay more for their supplies after a swift rebound in Asian scrap prices following the Lunar New Year holidays in the region.
Rebounding ferrous scrap prices in Asia have caused Taiwanese importers of containerized ferrous scrap to source material even with the start of the Lunar New Year holiday period in the territory.