Vietnam’s ferrous scrap imports increased to 649,328mt in March, which is more than double of February’s 321,623mt imports on steady buying by HRC producers. Imports in March rose by 31pc from the prior year, according to customs data.
Japan was the largest exporter of ferrous scrap to Vietnam with 216,296mt, down by 3pc from February and 31pc from the prior year.
In March, Vietnamese mills preferred scrap in bulk cargoes due to a shortage of containers and vessel delays. Higher demand for HRC from the auto sector boosted scrap purchases. Mills actively bought bulk from Japan and the US west coast and Australia. HRC prices also rose to almost a decade’s high encouraging importers to match their bids to high scrap offers from major suppliers.
|Vietnam’s ferrous scrap imports in March|
|Units: mt||Mar-21||Feb-21||Change MoM||Mar-20||Change YoY|
Increase in exports from Asian countries including Hongkong, Philippines, Cambodia and Singapore indicate mills actively sought scrap from short transit destinations.
Robust demand for steel in China and other Asian destination are expected to drive Vietnamese scrap imports in the coming days, said market participants.