Import scrap prices in Taiwan have continued going up over the past week owing to the uptrend in the international market and China’s resumption of billet purchases, which has supported scrap prices in Southeast Asia. Moreover, some further room for an increase still exists, according to sources.
Deals for ex-US HMS I/II 80:20 in containers have been heard at $275/mt CFR this week, up by $5-7/mt from $268-270/mt CFR last week. At the same time, by the end of the week offers have reached $280/mt CFR. “The increase in the international market, in Turkey especially, is important,” a source said. Also “China continued to purchase billet, pig iron, which supports moods,” he added. Vietnam has been among the major suppliers of billets to China recently, so suppliers have increased scrap prices to Vietnamese customers and have been targeting higher levels to other countries, like Taiwan, leaving a lack of options for Taiwanese customers.
Offers for ex-Japan H1/2 50:50 scrap by bulk have reached $300-305/mt CFR by the end of this week, with the tradable value assessed at $295-300/mt CFR, SteelOrbis has learned. This is $7-10/mt above last week. But there is a limited number of offers from Japan at the moment, according to Taiwanese sources, who believe exporters have been focusing on other markets.