Vietnam Focuses on Importing Steel Scrap from Japan This Year

Imports from January to April decreased by 8.0% to 1.69 million tons

Japanese imports increased by 48.8%, while American imports decreased by 74.8%

According to Vietnam's trade statistics, from January to April, Vietnam imported 1.688 million tons of steel scrap, a decrease of 8.0% compared to the same period last year, marking a shift to a decline. While imports increased by 3.4% in the first quarter, maintaining an upward trend, they started to decline in April.

In April, Vietnam's steel scrap imports were 408,000 tons, a sharp decrease of 31.7% compared to the same month last year. This marks three consecutive months of year-on-year declines. Compared to the previous month, imports also fell by 11.6%, reaching the lowest level in three months since January this year (356,000 tons).

A key feature of Vietnam's steel scrap imports this year is the focus on nearby Japanese imports instead of long-distance American imports. It is reported that the 20,000 tons of H2 steel scrap awarded at the regular export auction of the Japan Kanto Tetsugen Cooperative on the 9th is all destined for Vietnam.

From January to April, imports from Japan surged by 48.8% year-on-year to 866,000 tons, and imports from Hong Kong also jumped by 41.2% to 188,000 tons. In contrast, imports from the United States during this period plummeted by 74.8% to 146,000 tons.

Meanwhile, the import price of steel scrap in Vietnam in April fell to $370.3 per ton, down 4.5% ($17.3) from the previous month, reaching the lowest level of the year. However, the average import price from January to April remained unchanged at $383.3 per ton, compared to $382.2 per ton in the same period last year.