Import scrap offers shared with Taiwan this week have gained some strength, though Taiwanese buyers are showing resistance. It has been observed that rebar buyers are returning to the market with the intention of buying due to the sharp increase recorded in import billet quotations. A source at a mill stated, “We might finally see an increase in local rebar prices next week.” Meanwhile, major Taiwanese steel producer Feng Hsin has kept its domestic rebar prices unchanged at 15,600/mt ($529/mt) ex-works, with dollar-based prices down by $3/mt taking the exchange rate into account.
Over the past week, the number of offers for ex-US HMS I/II (80:20) scrap in containers to Taiwan has remained scarce. The offer prices have declined by $3/mt on the lower end to $294-300/mt CFR. Market sources consider it a “flat price.” Meanwhile, actual deal prices moved up from $290/mt CFR to $293-294/mt CFR. A source commented, “The tonnages changing hand this week were on the low side. Sellers are mostly asking for $300/mt CFR now, but buyers cannot accept such levels.”
Offered prices for Japanese H1/2 (50:50) scrap bulk cargoes have moved up over the past week from the range of $308-309/mt CFR to $312-320/mt CFR. Buyers and sellers have failed to reach a consensus this week. Hence, there was no new deals from Japan. Last week’s actual price in deals was $305/mt CFR.
Over the past week, Feng Hsin has kept its scrap procurement prices stable week on week at TWD 8,400/mt ($285/mt) delivered, down by $1/mt on US dollar basis.
$1 = TWD 29.49