Taiwanese customers have been forced to accept a further import scrap price increase this week and the uptrend will continue next week, most sources believe, taking into account the strong positions of ex-US suppliers and firm scrap demand in Turkey.
Offers for ex-US HMS I/II 80:20 by containers have increased by $5/mt to $260/mt CFR this week. At the same time, deals have been concluded at $257-258/mt CFR, while contracts were mostly at $252/mt CFR in late November, SteelOrbis has been informed.
Japanese scrap suppliers have also announced a further increase and have been offering HMS I/II 50:50 at $275/mt CFR, up $5/mt week on week. Though demand for ex-Japan scrap has been limited, “Some customers have been interested in buying,” a Taiwan-based customer said, adding that the deal price has to be at about $270-272/mt CFR.
Next week, scrap prices will increase again, sources said, and new deals will be fixed at above $260/mt CFR for ex-US HMS I/II 80:20 by containers.