After one of the leading Taiwanese mills increased rebar list prices by 2 percent in the last few days, scrap pricing has remained steady in the domestic market, according to sources, while offers from the US export market moved down slightly.
While some scrap restocking has been heard at mills, sources say the domestic market seems to be meeting the short term demand for scrap for the moment with limited short-sea imports heard.
The restocking of scrap is giving US West coast exporters hope for US deals to Taiwan. Prices from the US for HMS I/II 80:20 are being heard at $248-255/mt CFR Taiwan. SteelOrbis reported offers for HMS I/II 80:20 from the US West coast in the range of $250-260/mt two weeks ago. Compared to that period, the new prices reflect a decline of $2/mt on the bottom of the range and $5/mt on the top of the range.
According to one source, some quiet offers are rumored to have been made as low as $245/mt CFR Taiwan the week ended January 13. Taking those recent offers into account, the market expectations for scrap have slightly lifted the bottom of the range by $3/mt in the past few ays.