Taiwanese scrap market

This week the Taiwanese scrap market has shown a stronger buying trend. On November 16, Fung Hsin Iron & Steel Co Ltd, one of the biggest scrap buyers, concluded a booking of 20,000 mts of A3 grade scrap ex-Russia at $285/mt CFR FO Taichung. This booking followed an earlier one of 5,000 mts of HMS#2 scrap ex-Japan, which was concluded at $273/mt CFR FO Taichung two days ago. The stronger buying sentiment has also caused the local HMS#1/2 scrap price in Taiwan to hit NTD 9,200-9,300/mt ($279-282/mt) levels, which are NTD300/mt ($9/mt) higher than one week ago. Most market players assume new offers of HMS #2 ex-Japan will increase up to $275/mt CFR FO Taiwan due to the stronger domestic demand in Japan.