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The introduction of the price assessment will expand Fastmarkets’ price coverage of the ferrous scrap markets in Asia and highlight Vietnam’s rising importance as a price benchmark in the region.
The proposed new assessment will provide the market with transparent pricing that represents containerized ferrous scrap trade in Vietnam, in addition to Fastmarkets’ price and news coverage of the Vietnamese bulk scrap market.
Spot buying of containerized scrap in Vietnam had dried up since August 2018 after customs authorities classified it as a waste product, which prevented it from entering the country. Yet, customs authorities recently reclassified containerized scrap as a raw material for steel production, which allowed buying to resume.
The proposed specifications are listed below: Assessment: Vietnam ferrous scrap, $ per tonne, assessed range Dimensions: Heavy melting scrap (HMS) 1&2 Quantity: Containerized Location: cfr southern Vietnam Timing: Up to three months Unit: US$ per tonne Payment terms: Letter of credit Publication: Daily, 5-6pm Singapore time
The publication of the new assessment will be carried out in accordance with public holidays in Singapore.
Fastmarkets invites market participants to provide feedback on this proposed launch of an assessment for containerized ferrous scrap imports to Vietnam.
The consultation period for this proposed price will end one month from the date of this pricing notice on June 23, 2019. Subject to market feedback, the new price will launch on June 24, 2019.
To provide feedback on this proposal or if you would like to provide price information by becoming a data submitter to this price, please contact Paul Lim by email at: paul.lim@fastmarkets.com. Please add the subject heading FAO: Paul Lim, re: containerized ferrous scrap cfr Vietnam.
To see all Fastmarkets pricing methodology and specifications documents, go to www.metalbulletin.com/prices/pricing-methodology