Over the past week, Taiwan’s import scrap prices have softened slightly. Steel trade, particularly in the rebar segment, remains quiet in Taiwan, similar to the previous weeks. Market sources report that all players were waiting for electricity prices to be hiked by the government. The initial expectations were for the hike in electricity prices to be made now, or to be postponed to July. Following a government announcement earlier today, Reuters reported, “Taiwan will not raise electricity prices for now given global uncertainty over the impact of trade tariffs and geopolitical risks, but the government will seek parliamentary approval for funding to stem nearly $13 billion in losses for the state-run power firm.” The leading Taiwanese producer Feng Hsin has lowered its domestic rebar prices over the past week by TWD 200/mt to TWD 17,700/mt ($534/mt) ex-works, while its dollar-based quotations have moved down by $8/mt taking into account exchange rate changes.
Offers for ex-US HMS I/II (80:20) scrap in containers to Taiwan have are down $3/mt this week, from the range of $318-323/mt CFR to $315-320/mt. Actual deal prices have also moved down, by $2/mt to $315/mt CFR.
Offers shared for Japanese H1/2 (50:50) scrap bulk have been limited this week, with the offer prices at around $335s/mt CFR. No deals have been done this week.
Sluggish rebar demand and softer import scrap prices in Taiwan over the past week have led Feng Hsin to reduce its scrap procurement prices by TWD 200/mt to TWD 9,900/mt ($299/mt) delivered, dropping them by $9/mt week on week.
$1 = TWD 33.15