Vietnam's ferrous scrap imports rise in Sept

Vietnam's ferrous scrap imports continued to rise in September, supported by firm domestic steel demand and strong scrap consumption.

• The country imported 528,000t of ferrous scrap in September, up by 3.5pc from August and surging by 70.9pc on the year, Vietnamese customs data show. Total imports reached 4.59mn t over January-September, marking a 29.3pc increase from the same period a year earlier.
• Japan remained Vietnam's largest supplier in September, with its market share expanding to 57.3pc. Imports of Japanese scrap climbed to 303,000t, the highest level in five months, as Japanese exporters sold more material to Vietnam given slower sales to other traditional destinations such as South Korea and Taiwan due to their sluggish domestic steel demand.
• Imports from the US declined by 33.8pc to 70,000t as Vietnamese mills paused deep-sea bulk purchases after completing restocking. Deep-sea cargoes were viewed as risky under current market conditions because of their large volumes and long delivery times.
• Scrap from Hong Kong recorded the steepest year-on-year fall in the first nine months, with total shipments down by 36pc to 288,000t. But Vietnamese mills have shown renewed interest in Hong Kong scrap since October, as rising Japanese domestic prices pushed up Japanese scrap export offers.
• Despite a relatively stable domestic market, Vietnamese steel producers are facing mounting pressure from new trade measures imposed by the US, Canada, Mexico, the EU and other regions. Vietnam exported 7.9mn t of steel products over January-September, down by 20.7pc from the same period a year earlier, the customs data show.