Scrap Imports by Vietnam Record 25% Surge in May

June 15, 2017 03:30:56 AM

SEATTLE (Scrap Monster): The recent trade data released by Vietnam’s Ministry of Finance indicates that scrap imports by the country surged higher significantly during the month of May this year. The country’s scrap imports have been on the rise since the beginning of 2017, registering month-on-month increase during most of the months till date.

The scrap imports by Vietnam totaled 406,993 tons in May 2017, rising significantly by 24.9% when compared with the month before. The value of exports amounted to $121.67 million during the month, considerably higher by 28.7% when compared with the same period a year before. The cumulative scrap imports by the country during the initial five-month period of the year jumped higher by 25% year-on-year to total 1.72 million tons. The imports during Jan-May ’16 had totaled only 1.38 million tons.

The monthly imports averaged at 344,000 tons. Going by the current rate, the annual scrap imports by Vietnam are likely to total 4.13 million in 2017, thereby surpassing the fresh record import volume of 3.90 million tons during the entire calendar year 2016.

Scrap Imports-Apr ‘17

The scrap imports by Vietnam totaled 325,894 tons in April 2017. The monthly import volume registered 14% decline over the previous month. The value of imports too has declined by 12% over the previous month to total $94.52 million. The imports from the US accounted for nearly one-third of the total Vietnamese imports during the month. Vietnam imported nearly 111,000 tons of scrap from the US in April this year. The US scrap exports to Vietnam has increased sharply during the month, said trade data.

Scrap Imports-Mar ‘17

The scrap imports by Vietnam totaled 379,140 tons in March this year. The monthly imports grew by over 5% when compared with the prior month. The value of imports has increased by 8.3% when compared with the corresponding month in 2016.

Scrap Imports-Feb ‘17

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 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.

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.

The projected rise in steel output by Vietnam may result in increased intake of scrap. As a result, scrap import levels are likely to remain at higher levels through rest of 2017. Incidentally, Vietnamese Ministry of Industry and Trade predicts nearly 17% jump in year-on-year crude steel production and 18% surge in rolled steel production during 2017.