Import scrap prices have kept going down in Taiwan this week, losing another $10-15/mt in deals. However, in the second half of the week the overall volumes from the US and Japan to Taiwan have visibly declined, as sellers have not been ready to decrease prices further, feeling a rebound is about to start.
Major deals for ex-US HMS I/II (80:20) scrap in containers have been done at $220/mt CFR Taiwan, $10/mt below transactions last week. Moreover, some small tonnages have been traded at $215/mt CFR Taiwan. “The Taiwanese market hit the bottom of $215/mt CFR, but that was for small tonnages only,” an Asian trader said. Most market sources are waiting for a price improvement or at least a stabilization in Taiwan next week. “Late this week, we received an offer at $230/mt CFR. I think there were not too many offers, because of the rebound in Turkey. Suppliers are waiting for higher prices next week,” a major Taiwan-based customer said.
Most deals for ex-Japan HMS I/II 50:50 to Taiwan were done at $230/mt CFR late last week, which was $7-10/mt below the previous level. This week, offers have still been heard at $230-235/mt CFR, but “suppliers decided to wait and watch. There were almost no offers this week after the drop late last week,” another buyer said.