The user value should be given in user_name@host_name format, where user_name and host_name are exactly as they are listed in the User and Host columns of the mysql.user table entry. For example, if you had an entry with User and Host column values of 'bob' and '%.loc.gov', you would write the statement like this:
SET PASSWORD FOR 'bob'@'%.loc.gov' = PASSWORD('newpass');