Taiwan feels first impact of Ukraine-Russia war, scrap prices move up

Friday, 04 March 2022 15:17:20 (GMT+3)   |   Istanbul
       

Taiwanese mills’ import scrap prices have increased over the past week, and the country started to feel the first impact of the Ukraine-Russia war. According to a SteelOrbis contact, pig iron quotations have increased sharply since Ukraine and Russia are now out of the market. “Pig iron prices were at $600/mt CFR before the war, they are now at $700/mt CFR at least,” the source added.

Prices for ex-US HMS I/II 80:20 scrap in containers to Taiwan have been at $500/mt CFR and above in deals, from $483/mt CFR recorded last week. Also, an ex-Australian cargo was bought in Taiwan this week, with HMS I/II 80:20 scrap standing at $495/mt CFR.

Japanese H1/2 50:50 scrap by bulk has been sold to Taiwan at $540/mt CFR and above, while deals were at $520-530/mt CFR last week. Some market players state that offers from Japan for this grade have reached $590/mt CFR. “Taiwan’s import scrap prices have increased but the crazy part is Turkey and Turkey’s import scrap prices,” a source commented.

Amid the sharp increase in pig iron prices, Taiwanese mills are trying to buy Japanese shindachi scrap. SteelOrbis has learned that Japanese shindachi scrap prices are now in the range of $610-620/mt CFR Taiwan. “This is still high but again more attractive as compared to pig iron quotations standing at $700/mt CFR,” a mill commented.

Particularly, Taiwanese rolling mills that are producing rebar were buying billet from Russia, with the monthly tonnage estimated at around 40,000 mt. “We are not sure if the already-signed orders are canceled or postponed. We are monitoring the situation very closely,” a player said.

Domestic HMS I/II 80:20 scrap prices in Taiwan have moved down by TWD 500/mt ($17/mt) as compared to the levels mentioned in SteelOrbis’ report last week to TWD 12,100/mt ($432/mt) ex-works. In the same period, official domestic rebar prices in Taiwan have remained stable at TWD 21,700/mt ($774/mt) ex-works. However, prices of rebar and scrap are expected to move up in the coming week, with an anticipated increase of TWD 400-500/mt ($17-18/mt).

$1 = TWD 28.04


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