Taiwan slows down scrap imports as prices rise rapidly

Friday, 20 November 2020 16:30:06 (GMT+3)   |   Istanbul

The trading activity for imported scrap has slowed down in Taiwan this week as prices have been going up very rapidly. However, the uptrend is not expected to fade away next week, and so those buyers who need scrap will have to accept higher prices.

Offers and the tradable price level for ex-US HMS I/II 80:20 scrap in containers have reached $310/mt CFR Taiwan, up by $12/mt compared to late last week, SteelOrbis has learned. Early this week, some bookings were done at $300/mt CFR, but then suppliers reacted to the higher prices in Turkey and other Asian countries and increased offers to Taiwan to $310-320/mt CFR. “Ex-US offers are better than Japanese, but still expensive. Supply is still limited,” a steel producer from Taiwan said.

Japanese suppliers have increased offers for H1/2 50:50 scrap by bulk to $335/mt CFR Taiwan by the end of the week, $10-15/mt above last week’s level. No new deals have been heard at $330-335/mt CFR in Taiwan, though there were reports of negotiations at $325/mt CFR earlier this week. Some offers have even reached $350/mt CFR Taiwan, which has been assessed by market sources as not reflecting the current market conditions. “Japanese scrap is too expensive [for Taiwanese importers]. Asian customers like Vietnam and Bangladesh can buy [from Japan],” a local source said.

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