The uptrend in the import scrap market in Taiwan has continued this week. Customers have been purchasing ex-US scrap mainly as offers from Japan have been limited due to the holidays. Exporters have been insisting on higher prices, saying that demand in South Asia, in Bangladesh in particular, has increased and that prices there are much higher.
Offers for ex-US HMS I/II 80:20 by containers have increased by $5/mt over the past week to $260-265/mt CFR. At the same time, deals have been done at $257-259/mt CFR, reflecting an increase of $-5/mt compared to contracts last week. “Prices in Turkey are at $285/mt CFR already and suppliers [from the US West Coast] said that they can sell at above $300/mt CFR for bulk scrap to South Asia, to Bangladesh for instance,” a Taiwanese buyer said. “All factors are for a price increase - China is still strong, Bangladesh is buying at high prices, and the pandemic has not ended,” another source said.
Only a limited number of offers have been heard from Japan this week due to the holidays. Ex-Japan H1/2 50:50 scrap by bulk has been offered at $280-285/mt CFR Taiwan, up by $5/mt from last week. Offers for HS from Japan have been at $310/mt CFR. There have been no reports of new deals for Japanese scrap to Taiwan this week, but sources have mentioned that the tradable value should be about $275/mt CFR, versus $270-275/mt CFR late last week.
