Prices for import scrap prices in Taiwan have increased over the past week as suppliers have been bullish following the sharp rises in Turkey. Most sellers have been limiting their offer volumes to Taiwan, expecting further strong rises next week, SteelOrbis has learned from sources on Friday, May 7.
Offers for ex-US HMS I/II 80:20 in containers have reached $440/mt CFR, up by $15/mt over the past week. “Mills want to buy at this price, but on Friday offers started to disappear,” a Taiwanese buyer said. Prices have been going up step by step during the week with deals reported at $435/mt CFR Taiwan in the middle of the week.
More rises are expected in the market next week and sources have said that ex-US HMS I/II 80:20 prices will go up to $450-460/mt CFR at least. The steep increase in sales prices in the benchmark Turkish market has been affecting the situation in Asia and Taiwan in particular. Also, sharp increases in steel prices in China have supported the positive sentiment in the scrap segment.
Offer prices for ex-Japan H1/2 50:50 scrap by bulk have been very rare in Taiwan this week partly due to the holiday, but also because most sellers have been waiting for the Kanto export tender results next Tuesday. “Suppliers are not willing to offer, as they expect a huge rise in the Kanto tender,” a source said. The latest offer price level for ex-Japan H1/2 50:50 scrap has been reported at $480/mt CFR, up by $20/mt compared to the pre-holiday level and up $17/mt from a price level seen early this week.