VIETNAMESE DEMAND FOR FERROUS SCRAP FROM JAPAN PICKED UP

Vietnamese demand for ferrous scrap from Japan picked up this month after an investigation into safeguard measures against imports of billet and long products was launched by the Vietnamese govermnent on December 25, according to Platts.

EAF mills are preparing to boost their scrap-based operations and ordering Japanese scrap, which is competitively priced compared with other origin scrap, trading sources said.

Booking prices for Japanese H2 scrap concluded at $173-175/mt CFR Vietnam for end-February shipments recently, trading sources in Vietnam said Tuesday. A Hanoi trader said that he sold 20,000 mt of material since end of last week at this level.

Prices of H2 scrap were prevailing at around $165/mt CFR Vietnam during December 21 week.

Offers from H1/H2 50:50 scrap from Japan were up to around $184/mt CFR.