Over the past week, Taiwan’s import scrap prices have remained relatively stable, at least for ex-US cargoes, while offers from Japan are still met with resistance from buyers. Thanksgiving has caused ex-US scrap offers to disappear, though their absence has not caused Taiwanese producers to focus on Japanese scrap. Meanwhile, major Taiwanese steel producer Feng Hsin has kept its domestic rebar prices stable this week at TWD 15,800/mt ($503/mt) ex-works, with its dollar-based price moving sideways taking the exchange rate into account. Feng Hsin has sold some rebar at TWD 15,600/mt ($497/mt) ex-works this week, unchanged week on week in the local currency and up $1/mt on US dollar basis. Mills in southern Taiwan have sold rebar at TWD 15,200-15,300/mt ($484-487/mt) ex-works, up by TWD 100/mt or $3/mt week on week, while continuing to limit possible price increase margins for Feng Hsin. “The market senses prices are rising in many sectors such as Chinese billets which are again up to $460/mt. Turkey’s import scrap prices are moving up, while iron ore prices are hitting $107/mt,” a source in Taiwan commented.
Over the past week, the only offer price shared for ex-US HMS I/II (80:20) scrap in containers was at $296/mt CFR, as compared to last week’s $296-305/mt CFR. Actual deal prices have remained unchanged for this grade at $295/mt CFR, though sources report that ex-US scrap offers have disappeared late this week due to the Thanksgiving holiday in the US.
Offers for Japanese H1/2 (50:50) scrap bulk cargoes have changed from the range of $316-327/mt CFR to a more general range of $315-318/mt CFR. Although the lowest level accepted by sellers remains at $315/mt CFR, Taiwanese buyers have continued bidding at $310/mt CFR and below for this grade. No deals for Japanese scrap have been done this week in Taiwan.
Feng Hsin has kept its local scrap procurement prices stable this week at TWD 8,800/mt ($280/mt) delivered, unchanged on US dollar basis, amid the sideways trend seen in the import segment which has continued for the past month and a half.
$1 = TWD 31.38
