The Asian scrap market has shown some signs of weakening in early January. Taiwanese customers have obtained lower prices from US suppliers, which has pushed other Asian buyers to bid at lower levels.
Ex-US HMS I/II 80:20 by containers has been traded at $265/mt CFR and slightly below this week, which is at least $7-8/mt below prices in transactions concluded in late December, SteelOrbis has been informed. Offers prices from the US have been mostly at $265-270/mt CFR, versus $275/mt CFR two weeks ago before the holidays started. “This month purchases will be much less than last month due to the approaching Chinese New Year holidays, while US sellers still need to sell,” a Taiwan-based source said.
Offers for ex-Japan HMS I/II 50:50 by bulk have been at about $280/mt CFR Taiwan this week, mostly stable compared to two weeks ago. Nevertheless, suppliers have been forced to provide discounts of $5-6/mt to attract customers. As a result, the final deal prices have not been higher than $275/mt CFR, sources stated.
