As SteelOrbis reported early this week, Taiwan’s import scrap market had reached equilibrium. There were few transactions for rebar earlier, but Taiwan’s steel market has gain become silent after severe price drop across all steel products in China. According to a source from a major Taiwanese mill, “Due to demand for rebars, the import scrap market tried to pick up earlier this week, but China stopped it.”
At the end of the current week, offers for ex-US HMS I/II 80:20 scrap in containers to Taiwan were at $370-375/mt CFR, $5/mt higher on the upper end as compared to Monday, May 22.
Japanese scrap suppliers’ offers for H1/2 50:50 scrap by bulk to Taiwan have been at $375-380/mt CFR, decreasing by $5/mt on the lower end since the beginning of this week. Market players believe import scrap prices may move down further in the coming week.
Domestic HMS I/II 80:20 scrap prices in Taiwan have remained stable at TWD 11,500/mt ($374/mt) delivered to mill, with a $1/mt decrease observed in the dollar price due to exchange rate fluctuations. A major producer shared bids for domestic busheling scrap at TWD 12,200/mt ($397/mt) delivered to mill. The official domestic rebar prices in Taiwan are still at TWD 18,800/mt ($611/mt) ex-works, with a $2/mt decrease seen in dollar-based quotations due to exchange rate changes.
$1 = TWD 30.74