Taiwan’s import scrap prices have stopped moving down, while local scrap yards have very low stock levels. Market sources believe that rebar and scrap prices in the country have hit the bottom. In the current week, major Taiwanese producer Feng Hsin’s rebar prices have been reduced by TWD 200/mt to TWD 18,600/mt ($581/mt) ex-works. Due to the general sentiment that this is the bottom level, Taiwanese mills have concluded a significant amount of rebar sales this week. Total rebar sales in Taiwan this week are estimated at 200,000 mt.
Offers for ex-US HMS I/II (80:20) scrap in containers are once again at around $350-355/mt CFR, without any fixed price in deals. A $5/mt recovery has been recorded week on week. Last week, a deal was closed for ex-US HMS I/II (80:320) with the scrap price at $350/mt CFR Taiwan.
Ex-Japan offers for H1/2 (50:50) scrap by bulk to Taiwan have moved up from $365/mt CFR recorded last week to $365-373/mt CFR. The number of offers is very limited, according to market sources.
Domestic HMS I/II 80:20 scrap prices in Taiwan have remained stable this week at TWD 11,300/mt ($353/mt) delivered to mill.
$1 = TWD 32.00
