Accumulated in the first 5 months of the year, imported iron and steel scrap reached more than 2.7 million tons, worth more than 1.1 billion USD, an increase of nearly 27% in volume and 2 times in value compared to the same period in 2020.
According to Fast Markets, the price of HMS 1/2 80:20 scrap steel in Vietnam on June 14 was 520 USD tons, up 4.52 USD/ton (equivalent to 0.8%) compared to last week; increased by 11.25 USD/ton compared to the previous month (equivalent to 2.2%).
Scrap prices in China, Japan, and Bangladesh have also increased recently.
Steel scrap prices in some countries. Source: Fast Markets
Vietnam's steel industry is greatly affected when the world price of scrap, one of the materials in the process of making steel, increases. The reason is because every year Vietnam imports a lot of scrap steel.
According to data from the General Department of Customs, Vietnam imported iron and steel scrap of all kinds in May reaching more than 708,000 tons, worth more than 288 million USD, an increase of more than 18% in volume and an increase of 15.5% in value compared to April.
Accumulated in the first 5 months of the year, imported iron and steel scrap reached more than 2.7 million tons, worth more than 1.1 billion USD, an increase of nearly 27% in volume and 2 times in value compared to the same period in 2020.
The average import price of steel scrap in May reached 407 USD/ton, down 10 USD/ton compared to April. In the first 5 months of the year, the average import price of steel scrap reached 401 USD/ton, up 37% over the same period last year.
Price of scrap steel in Vietnam. Source: Fast Markets
In the first 5 months of the year, Japan, America, Australia and Hong Kong were the 4 main export markets for iron and steel scrap to Vietnam.
Imports from Japan, the largest market in the first 5 months of the year, reached more than 1.1 million tons, equivalent to nearly 516 million USD, down 7% in volume, up 46% in value compared to the same period in 2020, accounting for nearly 47% of the country's total iron and steel scrap import turnover.
US iron and steel scrap imports reached more than 540,000 tons, equivalent to more than 213 million USD, up 90% in volume, up 193% in value over the same period last year, accounting for 19% of the country's total iron and steel scrap import turnover.
Imports of iron and steel scrap from Australia reached 252,500 tons, equivalent to nearly 113 million USD, up 125% in volume, up 271% in value compared to the same period in 2020, accounting for 10% of the country's total iron and steel scrap import turnover.
Imports of iron and steel scrap from Hong Kong reached 223,000 tons, equivalent to nearly 96 million USD, up 32% in volume, up 118% in value compared to the same period in 2020, accounting for 9% of the country's total iron and steel scrap import turnover.
Top 10 countries importing the most scrap steel in 2020. Source: Statista
Regarding the markets importing the most steel scrap in the world, Türkiye ranked first with more than 22.4 million tons in 2020. India ranked second with nearly 5.4 million tons. The next positions are respectively the US (4.5 million tons), South Korea (4.4 million tons), Taiwan (3.6 million tons), EU-28 (2.9 million tons), Mexico (2.1 million tons), Indonesia (1.4 million tons), Canada (1 million tons).
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