SEATTLE (Scrap Monster): The trade data released by Vietnamese Ministry of Finance indicates that scrap imports by the country flourished during the month of February this year. The import momentum extended for the second straight month this year. Vietnam’s scrap imports had recorded significant increase during January this year.
Vietnam’s scrap imports totaled 359,745 tons in February 2017. The imports were up by 22.9% when matched with the previous month. The country had imported 292,831 tons of scrap in Jan ’17. The import price averaged at $275.6 per ton, significantly higher by over 5% when matched with the average import price of $261.8 per ton during the month before. The value of monthly imports totaled $99.145 million in February this year.
The cumulative scrap imports by Vietnam during the initial two months of the year totaled 652,576 tons, surging higher by nearly 74% over the corresponding two-month period in 2016. The monthly imports averaged at approximately 326,000 during 2017. Going by the current rate, the total yearly imports during the current year are expected to exceed 3.9 million tons in 2017. The value of imports during Jan-Feb ’17 totaled around $169.478 million. The imports prices averaged at $269.9 per ton during this period.
Scrap Imports-Jan ‘17
The country’s ferrous scrap imports totaled 292,831 tons in January 2017, considerably lower by 23.2% when matched with the imports during December 2016. Vietnam had imported 381,250 tons of steel scrap during Dec ’16. However, when matched with the previous year, the imports soared higher by 70.8%. The ferrous scrap imports by Vietnam had totaled only 171,447 tons in January 2016. The monthly import prices averaged at US$ 261.8 per ton in Jan ‘17, considerably higher by nearly 9% over the previous month. The import prices had averaged at $240.5 per ton during the last month of 2016. The value of monthly scrap imports amounted to US$ 76.65 million, down by 16.4% when matched with the prior month, Ministry of Finance data suggested.
Scrap Imports-Dec ‘16
The country’s scrap imports totaled 381,250 tons in December 2016, considerably lower by 7.33% when matched with the imports during November 2016. The monthly import prices averaged at US$ 240.5 per ton in Dec ‘16, marginally higher by 2.6% over the previous month. The value of monthly scrap imports amounted to US$ 91.7 million, down by 4.9% when matched with the prior month. Incidentally, Vietnam turned out to be the largest importer of ferrous scrap from Hong Kong during the month.
The combined scrap imports during the entire calendar year 2016 totaled 3.90 million tons. The imports during the year were significantly higher when compared with the previous year. Vietnam’s scrap imports had totaled only 3.186 million tons during 2015. Year-on-year, the imports surged higher by 22.4% in 2016. The 2016 calendar year imports surpassed the earlier high of 3.376 million tons recorded in 2014.
According to trading sources, the Vietnamese scrap import market is likely to stagnate at current levels. High scrap inventories are likely to limit purchases during the forthcoming months. The buying interest has not witnessed uptick, despite prices remaining at similar levels from previous week. Many Vietnamese mills are believed to have procured sufficient scrap to support production until May this year.