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Vietnam's ferrous scrap imports rise in 2025
Vietnam's ferrous scrap imports rise in 2025
Shanghai, 13 January (Argus) — Vietnam's ferrous scrap imports surged to a more than four-year high in December, supported by active year-end restocking demand. The country imported 684,000t of ferrous scrap in December, up by 59pc from November and by 14pc year on year, Vietnam Customs data show. Scrap imports totalled 6.25mn t in 2025, marking a 27pc increase from 2024 and only slightly below the levels recorded in 2020-21. Japanese material continued to dominate Vietnam's scrap imports, accounting for more than half of total arrivals. Vietnamese mills imported 3.3mn t of scrap from Japan in 2025, up by 26pc from the previous year. Japanese sellers are expected to continue prioritising the Vietnamese market, supported by the country's expanding steelmaking capacity and construction demand. Imports from the US rose sharply on the year, increasing by 56pc to 788,000t. The growth was partly driven by a low base in the previous year, as well as mid-year buying of deep-sea bulk scrap by some Vietnamese mills. Demand for containerised US scrap also increased, given that smaller mills favoured flexible, smaller-lot cargoes to bridge gaps in domestic supply. Scrap imports from Singapore tripled on the year to 239,000t, reflecting Vietnamese mills' efforts to diversify supply sources in order to manage purchasing costs and ensure supply stability. Hong Kong was the only major supplier to record a year-on-year decline in 2025, with imports falling by 33pc on the year to 374,000t. Ferrous scrap exports from Hong Kong retreated during the year, as exporters diverted more volumes to Bangladesh and India, where prices were more workable. Vietnamese mills' scrap consumption is expected to grow further in 2026. Vietnam's economy maintained strong momentum in 2025 despite pressure from US tariffs, with GDP expanding by 8pc. Continued government investment in infrastructure and public housing, rising industrial activity, and sustained inflows of foreign investment will provide further support for steel production and scrap demand in 2026. Vietnam ferrous scrap imports t Dec '25 m-o-m ± % y-o-y ± % Jan-Dec '25 y-o-y ± % Japan 327,892 61 -8.5 3,295,631 26.3 US 98,725 139.5 109.4 788,146 55.6 Australia 64,942 140.5 96.3 369,525 8.7 Hong Kong 46,470 158.1 13.3 374,373 -32.7 Others 145,825 4.2 19 1,426,781 52.9 Total 683,854 59.1 13.6 6,254,456 26.5 Source: Vietnam Customs Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Australia’s Woodside set for Scarborough gas in 2H 2026
Australia’s Woodside set for Scarborough gas in 2H 2026
Sydney, 13 January (Argus) — Australian independent Woodside's Scarborough gas field, located offshore Western Australia (WA) is on track for first gas in July-December 2026 as scheduled, following the arrival of its floating production unit (FPU) from China. The FPU is equipped with emissions-reduction systems and is capable of treating and compressing gas for export, Woodside said on 13 January. The Scarborough project, now 91pc complete, is expected to produce 5mn t/yr of LNG from the Pluto Train 2 and 3mn t/yr of LNG from the existing Pluto train 1, Woodside said. Pluto train 2 is set to be commissioned in the second half of 2026, while modifications to Pluto train 1 to accommodate Scarborough gas will be completed by early 2027. The project will also supply gas to Australian fertilizer producer Perdaman Chemicals and Fertilizers' 2.3mn t/yr urea project under a 20-year agreement. By Susannah Cornford Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
USDA lifts corn production estimate: Wasde
USDA lifts corn production estimate: Wasde
Houston, 12 January (Argus) — The US Department of Agriculture (USDA) increased its US corn yield and harvested acreage estimates for the 2025-26 marketing year, boosting estimated production by 1.6pc. According to the January update of the USDA's flagship World Agricultural Supply and Demand Estimates ( Wasde ) report, US corn production is now pegged at 432mn metric tonnes (t), a 6.83mn t gain from the month prior. The production boost comes from a 1.3mn acre increase to harvested acreage — despite planted acres only rising by 100,000 acres — and a nearly 3pc increase to yields. Market participants had pegged the USDA's previous yield estimates as optimistic and had expected the January Wasde to feature a downward revision to corn production, not an upward one. The USDA also lifted 2025-26 beginning stocks by 483,000t on account of lower use figures for 2024-25, pushing total supply up by 7.32mn t from December's estimates. Most of the added supply — 5.03mn t — was added to ending stocks, a 9.8pc increase from the December Wasde . The USDA also increased domestic use by 2.29mn t, while leaving export estimates unchanged at 81.3mn t for the year. The stock-to-use ratio rose by 1.41 percentage points to 13.6pc. Historically, higher stock-to-use ratios correlate with lower commodity prices. Futures prices on the Chicago Board of Trade (CBOT) were quick to fall in the aftermath of the Wasderelease, with the March-delivered corn contract closing the day down 5.38pc. Soybean exports slashed US soybean exports were revised down by 1.63mn t to 42.9mn t, a 3.7pc decline from December and the projected lowest level since the US' 2012 drought-stricken crop. With the decrease in exports, ending stocks forecast rose by 1.63mn t to 9.53mn t. Total supply estimates for 2025-26 also inched up by 463,000t from the December Wasde, attributable to a 100,000 acre boost in harvested area and an uptick in beginning stocks. The added supply went toward a 408,000t increase in crushing and 54,000t rise in residual use. Market reactions to the change in the soybean supply book were not as pronounced as corn, but the mix of higher production and fewer exports did provide downward pressure to the market. At the close of trade Monday, the March-delivered soybean contract on the CBOT was down by 1.13pc for the day. Few changes to US wheat The USDA made few adjustments to the wheat balance sheet for 2025-26, leaving production estimates and export forecasts unchanged. The ending stocks forecast rose by 680,000t to 25.2mn t on account of a 572,000t decrease to total domestic use and a minor boost to beginning stocks for the year. Larger beginning stocks came out of a small cut to 2024-25 use volumes. By Joseph Crosby January 2026 USDA Projections mn t 2025/26 Chg from Dec 2024/25 Chg from Dec U.S. corn supply and use Acres planted 98.80 0.10 90.90 0.00 Acres harvested 91.30 1.30 83.00 0.00 Yield t per acre 4.74 0.01 4.56 0.00 Supply -Beginning stocks 39.40 0.48 44.78 0.00 -Production 432.35 6.83 378.27 0.00 -Imports 0.64 0.00 0.56 0.00 Total supply 472.39 7.32 423.62 0.00 Use -Feed and residual 157.49 2.54 138.54 -0.30 -Food, seed and industrial 177.05 -0.25 173.06 -0.20 --Ethanol and by-products 142.25 0.00 138.08 0.00 --Other use 34.80 -0.25 34.98 -0.20 -Total domestic use 334.53 2.29 311.60 -0.51 -Exports 81.28 0.00 72.60 0.00 Total use 415.82 2.29 384.22 -0.48 -Ending stocks 56.57 5.03 39.40 0.48 -Stocks-to-use pc 13.60 1.14 10.25 0.14 U.S. wheat supply and use Acres planted 45.30 0.00 46.30 0.00 Acres harvested 37.20 0.00 38.60 0.00 Yield t per acre 1.45 0.00 1.40 0.00 Supply -Beginning stocks 23.27 0.11 18.94 0.00 -Production 54.02 0.00 53.86 0.00 -Imports 3.27 0.00 4.06 0.00 Total supply 80.53 0.11 76.86 0.00 Use --Food 26.45 0.00 26.37 0.00 --Seed 1.66 -0.03 1.66 0.00 --Feed and residual 2.72 -0.54 3.08 -0.11 -Total domestic use 30.84 -0.57 31.11 -0.14 -Exports 24.49 0.00 22.48 0.00 Total use 55.33 -0.57 53.59 -0.14 -Ending stocks 25.20 0.68 23.27 0.11 -Stocks-to-use pc 45.55 1.68 43.42 0.31 U.S. soybeans supply and use Acres planted 81.20 0.10 87.30 0.00 Acres harvested 80.40 0.10 86.20 0.00 Yield t per acre 1.44 0.00 1.38 0.00 Supply -Beginning stocks 8.85 0.24 9.31 0.00 -Production 115.99 0.24 119.04 0.00 -Imports 0.54 0.00 0.79 0.00 Total Supply 125.38 0.46 129.17 0.00 Use -Crushings 69.94 0.41 66.54 0.00 -Seed 1.99 0.00 1.91 0.00 -Residual 1.06 0.05 0.63 -0.24 -Exports 42.86 -1.63 51.22 0.00 Total use 115.86 -1.17 120.32 -0.22 -Ending stocks 9.53 1.63 8.85 0.24 -Stocks-to-use pc 8.22 1.48 7.35 0.22 — USDA, Argus Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Venezuela defies US call to end aid for Cuba: Update
Venezuela defies US call to end aid for Cuba: Update
Caracas, 12 January (Argus) — Venezuela's government vowed to continue support for Cuba, which has included shipments of oil and fuels, despite US president Donald Trump's call for the aid to end immediately. The administration under interim Venezuelan president Delcy Rodriguez will continue "the free exercise of self-determination and national sovereignty" regarding its relations with Cuba, which "have historically been based on brotherhood, solidarity, cooperation and reciprocity", it said on Sunday. Trump earlier in the day said that Venezuelan aid to Cuba will end, noting that Cuba in return provided security for arrested former president Nicolas Maduro and his predecessor late former president Hugo Chavez. Trump has asserted that the US will essentially run Venezuela's oil sector while leaving Maduro's supporters in power in Caracas after the US military seized Maduro in a night raid on 3 January. "I strongly suggest they [Cuba] make a deal, BEFORE IT IS TOO LATE," Trump posted on social media. Cuba has rejected the suggestion. The US has "no moral authority to force a deal on Cuba," and the island "is a free, independent, and sovereign nation," President Miguel Diaz-Canel replied. The US' removal of Maduro and its virtual take over its oil industry has further pressured Cuba's already stressed power sector . Venezuela shipped an average 15,000 b/d of crude to Cuba in 2025, according to Kpler ship tracking data. The US instead has said it will sell Venezuelan oil and redirect proceeds to benefit the US and Venezuela. Holding funds, prisoners Trump has moved to protect the proceeds from any such sales of Venezuelan natural resources from judicial proceedings, in an executive order signed on Friday and released on Saturday. Multiple lawsuits have been filed by creditors in US courts against the Venezuelan government and state-owned companies, including one related to the sale of US refiner Citgo — ultimately owned by the Venezuelan government. How the US' sale of Venezuelan oil will work, or whether the Venezuelan administration will comply, is uncertain. Among other demands the Rodriguez government has not met, it has not released all political prisoners as promised, several non-government organizations have said. National Assembly president Jorge Rodriguez, brother to Delcy Rodriguez, said on Friday that he would comply with this demand. But by Sunday night only 22 of a total of 809 known political prisoners had been freed, according to anti-censorship NGO Un Mundo Sin Mordaza. Attorney general Tarek William Saab on Sunday confirmed the death during detention of Edilson Torres, a 52-year-old police officer accused of sending a WhatsApp message criticizing Maduro. By Carlos Camacho Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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