In the current week, Taiwan’s import scrap market has again moved sideways. The public holidays on Monday and Friday of the week influenced demand negatively, while no changes have been seen in the local rebar market. “Rebar sales are sluggish as usual and delivery is also poor, while mills have high inventory levels,” a source at a major mill commented, adding, “Mills in Taiwan are all under pressure to cut production.” Major Taiwanese producer Feng Hsin has kept its domestic rebar prices unchanged at TWD 16,100/mt ($526/mt) ex-works, with its dollar-based prices down by $3/mt, taking the exchange rate into account.
Over the past week, offer prices for ex-US HMS I/II (80:20) scrap in containers have remained more or less stable, moving from $295-307/mt CFR to $299-303/mt CFR. Additionally, actual deal prices have moved up slightly from $295-296/mt CFR to $296/mt CFR. It is reported that offers from the US are scarce.
Offers for Japanese H1/2 (50:50) scrap bulk cargoes have remained absent, market sources reported, except for one offer shared at $315/mt CFR, amid extremely low demand from Taiwanese mills. Japanese suppliers have been silent over the past three weeks. Their offers three weeks ago were at $318-322/mt CFR.
Feng Hsin has kept its scrap procurement prices stable this week at TWD 8,400/mt ($274/mt) delivered, down by $2/mt on US dollar basis. Due to the holidays in Taiwan this week, no adjustments were made.
$1 = TWD 30.61
