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Strong Japanese demand combined with rising costs of alternative raw materials has driven Vietnamese imported scrap steel prices higher for the fourth consecutive week.

Category: Blog

Time:2026-03-24

As of the week ending March 20, Vietnam’s scrap import prices rose for the fourth consecutive week, driven by strong domestic demand in Japan and rising costs of alternative regional feedstock. This week, Japan’s H2 scrap CFR Vietnam price was assessed at USD 355–365 per tonne, up USD 15 per tonne from the previous week; deep-sea bulk HMS 1&2 (80:20) scrap CFR Vietnam was assessed at USD 370–380 per tonne, up USD 5 per tonne week on week.
Domestic scrap steel demand in Japan remains robust, prompting major electric-arc furnace steelmakers to raise procurement prices multiple times this month to secure supply. On March 20, Tokyo Steel announced its fifth price hike, with most plants increasing prices by JPY 1,000 per tonne and the Utsunomiya and Tokyo Bay mills making a smaller increase of JPY 500 per tonne, pushing the H2 procurement price to JPY 49,000 per tonne. This followed an earlier price increase on March 18, underscoring the urgency with which steelmakers are continuously adjusting prices to lock in resources. Meanwhile, Asian billet prices have risen to their highest level since October 2024, further narrowing the range of raw-material options available to Vietnamese steelmakers.
In the Japanese scrap market, buoyed by bullish sentiment and robust domestic demand, H2 quotes have risen to USD 360–370 per tonne CFR, while buyer offers have climbed to USD 350–360 per tonne. Earlier this week, a deal for 9,000 tonnes of H2 was reported at USD 363 per tonne CFR, indicating that some buyers are returning to the market to replenish inventories despite the elevated prices. Prices for premium scrap have also advanced in tandem, with 2,000 tonnes of heavy scrap quoted at around USD 389 per tonne and 3,000 tonnes of crushed scrap at approximately USD 382 per tonne.
In the deep-sea market, prices continue to rise amid geopolitical uncertainty and firm supplier quotations. However, bulk trading activity remains subdued, as war-risk premiums have led to scarce offers. Market participants are favoring small-batch container shipments and sourcing from nearer origins such as Japan and Australia to mitigate risks. Bulk quotes for HMS 1&2 (80:20) have climbed to USD 380–390 per tonne, with U.S. supplies no lower than USD 390 per tonne and Australian and New Zealand supplies around USD 380–385 per tonne. Buyers are following up with offers of about USD 370 per tonne, but at a slower pace, reflecting reluctance to accept higher prices. Since the outbreak of the Middle East conflict, market interest has steadily shifted toward Australia and New Zealand, and recently Bangladeshi steel mills have also been actively securing cargoes from these sources. Singaporean resources are likewise attracting attention, with HMS 80:20 quoted at USD 385–405 per tonne and buyers offering around USD 380 per tonne. In the container market, small-batch deals for South American HMS 80:20 are being struck at approximately USD 320 per tonne, while U.S. container quotes stand at USD 328–335 per tonne, with buyers bidding around USD 326–327 per tonne.

Keywords: Strong Japanese demand combined with rising costs of alternative raw materials has driven Vietnamese imported scrap steel prices higher for the fourth consecutive week.

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Strong Japanese demand combined with rising costs of alternative raw materials has driven Vietnamese imported scrap steel prices higher for the fourth consecutive week.

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