Despite the shorter work week in Taiwan due to the holidays on February 27-28, import scrap prices in Taiwan have increased during the week. The local rebar market in Taiwan is performing better, though market players believe that this is the result of the increasing international scrap market. A Taiwanese source said, “Turkey is buying massive amounts of scrap and also driving prices higher and higher.” While some Taiwanese players believe this is panic buying for rebar and scrap, others believe that the Kanto tender to be held on March 9 in Japan may support the firm trend of prices.
Some Taiwanese buyers have concluded deals for ex-US HMS I/II 80:20 scrap in containers at $420/mt CFR, increasing from the $410/mt CFR level recorded at the end of last week, and exceeding market players’ expectations last week that prices were “heading to $415/mt CFR.”
Offers for Japanese H1/2 50:50 scrap by bulk to Taiwan are currently at $435-440/mt CFR, slightly higher as compared to $430-435/mt CFR last week.
Domestic HMS I/II 80:20 scrap prices in Taiwan have remained stable at TWD 11,600/mt ($379/mt) ex-works. The official domestic rebar prices in Taiwan are still at TWD 20,000/mt ($653/mt) ex-works. Both dollar-based prices are $2/mt lower than last week due to the depreciation of the Taiwanese dollar.
$1 = TWD 30.62