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Vietnam's ferrous scrap imports in July fell to their second-lowest monthly level this year, as demand was dented by subdued production and weaker trading activity.

The August Japan Kanto tender was settled on 10 August at an average of ¥42,061/t ($311.56/t) fas for H2, equivalent to ¥43,061/t fob.

The northwest European hot-rolled futures market continues to move into a steeper contango, as end users look to lock in forward prices which are low compared with their physical contract offers.

The European scrap supply system is highly dependent on inland river transportation.

The longer the European scrap supply issue persists, the longer Turkish scrap import prices could remain at elevated levels.

Lead times for CRC rose slightly to 6 weeks from 5-6 weeks while HDG lead times edged down to 4-5 weeks from 4-6 weeks.

No Change YTD in 2022 from Same Period in 2021

In the week ending on August 13, 2022, US domestic raw steel production was 1,742,000 net tons while the capability utilization rate was 79.0 percent.