Taiwan’s import scrap prices have followed diverse trends over the past week, while market sources still report that some scrap suppliers remain reluctant. While Japanese scrap prices are finding some support from domestic demand and the return of Hyundai Steel’s bids at higher price levels, US-based suppliers are not happy yet. Meanwhile, rebar demand in Taiwan has remained on the good side during the week, though demand for other finished steels such as merchant bar and special steel is not so great, SteelOrbis hears.
Ex-US HMS I/II (80:20) scrap in containers has been bought at $365/mt CFR Taiwan and above this week, $5-10/mt higher than the levels recorded in the most recent deals. A Taiwanese source said, “The reluctance of US scrap sellers continues; sellers think this quotation is too low.”
At the same time, Japanese scrap suppliers have cut their offers for H1/2 (50:50) scrap by bulk to Taiwan from $390/mt CFR to $385-390/mt CFR. The depreciation of the Japanese yen prevents export offers from maintaining their levels week on week.
Domestic HMS I/II 80:20 scrap prices in Taiwan have moved up by TWD 200/mt over the past week to TWD 11,100/mt ($362/mt) delivered to mill. The official domestic rebar prices in Taiwan are now at TWD 18,400/mt ($599/mt) ex-works, again up TWD 200/mt week on week.
$1 = TWD 30.70