Taiwan’s import scrap market has been silent over the past week, as buyers mention the absence of sellers in the market. “US suppliers did not share any offers this week with Vietnam, but towards the end of the week the Japanese also took a step back due to the Obon holidays on August 13-16,” a source at a Taiwanese mill commented.
As compared to the levels recorded in SteelOrbis’ report published on August 5, the price of ex-US HMS I/II 80:20 scrap in containers to Taiwan has increased from the range of $320-325/mt CFR to $338/mt CFR at the beginning of the current week. But, as mentioned, the offers disappeared over the week. A source at a Taiwanese mill stated that US suppliers are closely watching the latest uptrend of scrap prices in Turkey, and that this is the reason for their reluctance to offer scrap to Taiwan.
In the current week, prices for Japanese H1/2 50:50 scrap by bulk to Taiwan have indicated an increase from $327/mt fixed in deals to $375-390/mt in offers, both CFR. “This level was too high. The Kanto tender had an impact, but nevertheless this range is not acceptable. Since then, Japan has gone on holiday and no deal at this range has been done,” a source commented. Japanese scrap is traditionally around $10-15/mt higher than US origin scrap.
Domestic HMS I/II 80:20 scrap prices in Taiwan have remained stable at TWD 9,100/mt ($304/mt) ex-works. Official domestic rebar prices in Taiwan have declined by TWD 600/mt or $21/mt week on week to TWD 18,600/mt ($620/mt) ex-works. “Because of the rising international scrap prices, Taiwanese domestic rebar is selling well now,” a seller reported.
$1 = TWD 29.993