Ferrous Scrap Imports Rebounded on Boosted Steel Output

SEATTLE (Scrap Monster): The Vietnamese customs data indicates that ferrous scrap imports by the country hit the highest level of 2020 in August this year. The surge in imports was mainly on account of increased steel production in the country.

The ferrous scrap imports by the country totalled 683,340t in August, significantly higher by nearly 31% from the prior month and by 7.2% over the same month a year before. The cumulative imports during the initial eight-month period of the year surged higher by 8.5% over the previous year to 3.83 million tonnes.

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The scrap imports from Japan rose to 319,569t in August, up by approximately 36% on the year. The imports from the U.S. too recovered by 62.7% from the previous month to total 148,907t in August. The demand for US deep-sea ferrous scrap cargoes by Vietnamese mills increased significantly.

The Vietnam Steel Association (VSA) reported that steel production by its members increased by 11.36% month-on-month to 2.35 million tonnes in August, which is higher by almost 13% from the same month a year ago. The steel export volumes also recorded notable surge by almost 30% from a year earlier to 462,138 tonnes during the month.

The country’s scrap demand and steel output are expected to hold firm in the coming months, mainly due to anticipated surge in steel industry demand.