Vietnam scrap import vols up 21% over Jan-Aug
Monday, September 17,2018AsemconnectVietnam - Vietnam imported 3.48 million tonnes of ferrous scrap in the first eight months of 2018, a 21% year-on-year increase from 2.88 million tonnes in January-August 2017, the General Department of Vietnam Customs announced on Tuesday September 11.
Japan was the principal supplier of ferrous scrap to Vietnam, sending 154,104 tonnes of the steelmaking raw material last month. This was down from the 197,209 tonnes shipped to Vietnam in August last year.
Hong Kong was Vietnam's fourth-largest source of scrap, accounting for 44,481 tonnes last month, down from 70,042 tonnes a year earlier. Australia shipped 41,025 tonnes of scrap to Vietnam in August, down from 50,064 tonnes, while Singapore sent 23,475 tonnes.
Metal Bulletin most recently assessed the cfr Vietnam scrap import price at $345-350 per tonne on September 7, stable week on week.
Steel demand in Vietnam has expanded rapidly since 2013, with numerous companies investing in domestic producers such as Formosa Ha Tinh Steel, Hoa Sen Group and Hoa Phat Group.
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