19/08/26
Vietnam's scrap imports rise further in July
Vietnam's scrap imports rise further in July
Shanghai, 19 August (Argus) — Vietnamese mills continued to increase ferrous
scrap imports in July, with imports reaching the second-highest level this year,
supported by robust crude steel production and steady domestic demand. Vietnam
imported 612,000t of ferrous scrap in July, up by 1.3pc from June and 19pc from
a year earlier, according to Vietnamese customs data. Total imports in
January-July rose by 7pc year on the year to 3.8mn t. Vietnam imported 604,000t
of ferrous scrap in June, up by 3.8pc from May and by 21pc from a year earlier.
The increase in scrap consumption was driven by continued expansion of
steelmaking capacity in Vietnam. Crude steel production reached 17.92mn t in the
first seven months of the year, up by 28pc year on year, according to the
Vietnam Steel Association (VSA). The growth rate significantly outpaced the
global steel industry's overall production trend, VSA said. Japan remained
Vietnam's largest scrap supplier, although shipments fell by 12pc month on month
to 226,000t in July. Scrap prices in other seaborne markets dropped from
elevated levels during May-July because of falling steel prices, but that of the
Japanese market held steady. This prompted Japanese traders to prioritise sales
of scrap in the domestic market and to scale back export activity given that
Japanese domestic scrap prices did not follow the broader correction in global
scrap markets. To maintain sufficient scrap supplies for production, Vietnamese
mills sourced more material from alternative origins. Imports from Singapore and
Canada each reached 20,000t in July, while Cambodia supplied 14,000t. US scrap
imports surged by 84pc year on year to 144,000t in July, the highest monthly
volume since April 2023. Vietnamese mills became active in deep-sea bulk scrap
negotiations during April-May, when market participants held a more optimistic
outlook for steel demand and Japanese and other short-sea scrap became less
competitive. Imports from Australia also continued to increase, more than
doubling from a year earlier to 87,000t in July. Vietnamese mills also imported
31,000t of scrap from New Zealand during the month. Vietnam's ferrous scrap
deliveries t Jul '26 % ± vs June % ± vs Jul '25 Jan-Jul % ± on year Japan
225,844 -12 2.2 1,700,340 -10.5 US 143,746 32.1 84.2 466,358 17.6 Australia
87,219 52.5 122.2 303,150 32.3 Hong Kong 21,798 -57.2 -28 240,092 1.2 Others
133,827 2.4 -8.2 1,096,976 38.2 Total 612,434 1.3 19.1 3,806,916 7 Source:
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