The exchange rate of Vietnamese dong has declined, and the price of imported scrap steel has fallen to a new low in nearly October

We learned that due to poor demand for finished materials and the decline in the Vietnamese dong exchange rate, the price of Vietnamese rebar has not performed well, and the price of imported scrap steel in Vietnam has also decreased.

At present, the quotation for deep-sea heavy waste resources with specifications of HMS 1&2 (80:20) to Vietnam is $380-390/ton CFR, a decrease of approximately $10/ton on a weekly basis. But currently, Vietnamese scrap steel QSTE260N steel importers have stated that the price of $380-390 per ton of CFR still exceeds expectations. The mainstream price for importing HMS 1&2 (80:20) from Vietnam is about $380 per ton of CFR, which has reached a new low in nearly October. The QSTE260N steel demand for local rebar in Vietnam is poor, coupled with a weakened exchange rate. The price of local rebar in North Vietnam has decreased by about $12/ton on a week on week basis, while the price of rebar in South Vietnam has decreased by about $8/ton. Therefore, the enthusiasm of Vietnamese scrap steel importers to replenish their inventory is not strong.

In addition, there has been relatively little information on scrap steel quotation orders from Japan to Vietnam recently, and due to weak overseas scrap steel demand, some Japanese scrap steel suppliers have recently shifted their focus to the domestic market in Japan. We learned that last Monday, a Japanese steel mill quoted $385 per ton CFR Vietnam for Vietnamese scrap steel, and then on Friday, the quote was reduced to $370-375 per ton CFR Vietnam. The current expected price for Vietnamese buyers is approximately $365-368 per ton CFR Vietnam, but Japanese scrap exporters are unwilling to sell at a price lower than $370 per ton CFR Vietnam QSTE260N steel.