Prices for imported scrap have declined further in Taiwan this week ahead of the long holidays which will start on October 1, as customers have been cautious in purchases and only limited trading activity has been seen in the market.
Ex-US HMS I/II 80:20 scrap in containers has been sold at $270/mt CFR this week, down by $3-5/mt from the level seen last Friday. A source from Taiwan said that overall sentiment has remained negative in the market and prices are under pressure from very limited demand. “For us, local scrap is cheaper. We are not buying [imports]. There are enough volumes,” one steelmaker from Taiwan said.
Taiwanese customers will leave the market for the long holidays: October 1-4 for the Mid-Autumn Festival and October 9-10 for National Day. “As the two holidays are combined, weak demand will last longer,” a source said.
Japanese suppliers have dropped prices for H1/2 50:50 by bulk by around $5/mt from last week to $279/mt CFR Taiwan.