Taiwan is still not receiving scrap offers from Japan, while ex-US offers have remained relatively stable. Major Taiwanese steel producer Feng Hsin has kept its domestic rebar price unchanged this week at TWD 18,300/mt ($584/mt) ex-works, with its dollar-based price increasing by $5/mt taking the exchange rate into account. “The market has been sluggish as demand is very weak because Chinese billet and iron ore prices have picked up sharply this week. Buyers are forced to buy small quantities,” a source added. Chinese billet prices have moved up from $495/mt CFR Taiwan to $505-508/mt CFR, sources report, adding that Russian billet suppliers have again refused to share offers for Taiwan as Chinese billet prices are increasing.
Offer prices for ex-US HMS I/II (80:20) scrap in containers to Taiwan have remained relatively stable over the past week, moving from the range of $363-370/mt CFR to $362-373/mt CFR. Actual prices in ex-US deals have moved up by $1/mt week on week to $360/mt CFR. As SteelOrbis reported earlier this week, contacts on the US West Coast report that prices of containerized scrap for delivery to docks remain unchanged. In Los Angeles, the price of HMS I/II 80:20 remains unchanged at $340-345/mt FAS Long Beach port.
For the third week in a row, Japanese scrap suppliers have been absent from the Taiwanese market. A Taiwanese source reports that it is still difficult to receive offers from Japan, with the Golden week holiday last week disrupting trading, which is still muted this week. “Japanese suppliers will probably wait until next week for the result of the Kanto tender due to be held on May 12,” he added.
Feng Hsin has kept its scrap procurement prices stable in the past week at TWD 10,700/mt ($341/mt) delivered, up by $3/mt on US dollar basis.
$1 = TWD 31.37
