The price of light scrap in South Vietnam remained stable on Thursday compared to last week, amid a long silent steel market as the country expanded its social isolation measures to cope with COVID-19, sources said.
The bid for 1-3 mm thick scrap for delivery to factories in the Southern region ranges from VND 5,600-5,800 / kg (USD 238 – 247 / ton), stable compared to the previous week.
If rebar prices, or its demand, do not show improvement, how can we consider buying raw materials at high prices, a southern factory commented, adding that billet prices even USD 380 / ton FOB is not considered, so at the current scrap price, it is pushing us to a loss.
With the COVID-19 social isolation order extended until April 21, including in major cities of Vietnam, the market showed little improvement this week, sources said.
Rebar prices remain stable and unchanged this week, with blast furnace rebar being offered at VND 10,330 / kg shipped, for a diameter of 12-20 mm, excluding VAT.
Korean steel prices slide
In South Korea, the bid for light scrap A, similar to Japan’s H2 material, ranged from 238,000 to 240,000 Won / ton on Thursday, with an average reduction of US $ 2.50 / ton from a week ago. , delivery to the southern regions of the country, Not including value added tax.
In the context of rising import prices from Japan, South Korean factories were faced with increasing pressure to keep domestic prices low, sources said.
Recent purchases from Taiwanese factories have prompted Japanese traders to raise export prices, a factory source said, adding that this makes no sense for the current market. Steel sales have slowed down and even in Japan, domestic scrap demand is down.
Therefore, factories are said to keep their bids relatively stable because any current price increase could signal a wrong direction for suppliers who are hungry for better profits, news said.Iron scrap price is stable in Vietnam