The deep-sea bulk scrap price to Vietnam remained steady in the week of 24-28 June as buyers were either passive, due to underwhelming steel fundamentals, or have shifted their focus to short-sea cargoes .

Argus assessed the HMS 1/2 80:20 cfr Vietnam bulk scrap index steady week on week at $389/t today. The index is down $16/t from the beginning of the year.

Vietnamese steelmakers continued to focus on short-sea bulk and domestic scrap this week, aiming to maintain low inventory levels during the summer off-season.

There were no deep-sea bulk scrap offers from the US as most sellers awaited the outcome of the July domestic negotiations to set the offer levels for August-loading cargoes. Australia-origin bulk scrap was offered at $395/t cfr Vietnam for HMS 1/2 80:20 earlier in the week.

Vietnamese buyers were active in the seaborne market for Japanese scrap, securing H2 at $360-363/t cfr and shindachi at $393-395/t cfr. Steelmakers were reluctant to pay higher prices due to the unlikely rebound in steel prices. The availability of cheap Chinese billet also made it difficult for mills to export steel products in the Southeast Asia market.

The domestic scrap market in Vietnam remained stable this week, with 1-3mm thickness scrap priced at around $354/t in southern Vietnam.