The price trend in the import scrap market in Taiwan has remained negative over the past week and trading activity has been weaker. At the same time, fewer offers by the end of the week and the rebound in sentiment in China after futures price increases over the past two days have increased the possibility of the scrap price fall in Taiwan ending next week, SteelOrbis has learned.
Ex-US HMS I/II 80:20 scrap in containers have been offered at $460/mt CFR late this week and deals have been reported at $450-455/mt CFR in the middle of the week. Overall trading has been weaker than usual as most buyers have been reluctant to purchase any additional volumes in the falling market, apart from the volumes urgently needed. Late this week, the tradable price for ex-US HMS I/II 80:20 scrap in containers is at $450-455/mt CFR, down by $15/mt from a week before.
Prices for ex-Japan H1/2 50:50 scrap by bulk have fallen by $20/mt over the past week to $475/mt CFR. Demand for Japanese scrap has remained limited, according to sources.
By the end of the week, the number of offers from both the US and Japan has declined visibly, which could be “a sign for prices reaching a bottom for now,” an importer said. In addition, the recent rebound in futures prices in China has improved sentiment a little in the Asian scrap market.