Taiwanese producers are receiving offers from the US and the Japan as usual but there are diverse price trends for these two origins. While US-based suppliers are trying to increase their offers to Taiwan, with relative success, Japanese sellers are struggling to find buyers in Taiwan at their desired levels, despite the decline in prices. Market sources report that the local rebar market in Taiwan has been somewhat lively this week, with some sales concluded for good quantities. Producers in southern Taiwan have concluded domestic rebar sales at TWD 16,700-16,800/mt ($507-510/mt) ex-works, showing improvement from last week’s TWD 16,700/mt ($507/mt) ex-works. The major Taiwanese producer Feng Hsin has cut its domestic rebar prices by TWD 300/mt week on week to TWD 17,100/mt ($519/mt) ex-works, with its dollar-based price down $9/mt week on week, taking into account the exchange rate. Taiwan will be on holiday from January 25 to February 2.
Current offers for ex-US HMS I/II (80:20) scrap in containers to Taiwan are at $295-297/mt CFR, narrowing from last week’s $290-300/mt CFR. There have been a limited number of deals at $293/mt CFR, increasing by $3/mt on the lower end and $1/mt on the upper end. Meanwhile, SteelOrbis hears that US-based sellers are seeking $295/mt CFR from Taiwanese buyers, with the mills resisting for now.
Over the past week, offers shared for Japanese H1/2 (50:50) scrap bulk have dropped by $9/mt on the lower end and by $2/mt on the upper end to $301-313/mt CFR. Demand for ex-Japan scrap in Taiwan remains on the low side, market sources report, adding that other Asian countries are paying higher than Taiwanese producers for this grade. The offer price has declined below last week’s workable price idea at $305/mt CFR.
Feng Hsin has kept its scrap purchase price stable at TWD 9,200/mt ($279/mt) delivered, also stable on dollar basis.
$1 = TWD 32.92