Vietnamese and South Korean domestic scrap prices have slipped after mills cut their procurement activity and did not return to either the seaborne or domestic scrap markets.

          Bids for 3-6 mm scrap delivered to southern mills in Vietnam held steady at Dong 8,400-8,600/kg ($361-$370/mt) while prices in the northern region fell to Dong 8,700-9,500/kg from Dong 9,300-9,600/kg the previous week. “I heard all mills will cut prices at end of this week or early next week because the billet price decreased sharply and if mills purchase high priced scrap, they will suffer big losses,” a Vietnamese mill source said.

          Platts, part of S&P Global Commodity Insights, assessed 5SP 130 mm billet CFR Southeast Asia down $4/mt on the day at $508/mt May 25, and China import 3SP 150 mm spot billet $5/mt lower at $411/mt CFR China.

-- S&P Global Commodity Insights