Import scrap prices in Taiwan have moved up this week, with Japanese scrap maintaining its attractiveness against ex-US scrap cargoes. While the rise in the import scrap segment has also pulled up local scrap quotations, the increase in the domestic market over the past weeks has now exceeded those recorded on the import side. The major Taiwanese producer Feng Hsin has raised its domestic rebar prices by another TWD 500/mt to 16,400/mt ($548/mt) ex-works, with dollar-based prices up by $14/mt taking the exchange rate into account. A source from Taiwan said, “The total rise announced by Feng Hsin in two weeks is TWD 800/mt. This is a dramatic rise and the market finds it difficult to accept and needs time to adjust to this level. Therefore, trading in the local Taiwanese rebar market was mute this week.”
Market sources report that the number of ex-US HMS I/II (80:20) scrap in containers offers shared with Taiwanese buyers is still low. The offer prices have moved up by $7/mt to $306-307/mt CFR. Meanwhile, actual deal prices have moved up from $298/mt CFR to $302-304/mt CFR.
Offered prices for Japanese H1/2 (50:50) scrap bulk cargoes have moved up over the past week from the range of $309-316/mt CFR to $310-318/mt CFR. The only deal done by Taiwan was closed at $310/mt CFR this week, merely $1/mt higher than the previously confirmed price at $309/mt CFR late last week.
Over the past week, Feng Hsin has raised its scrap procurement prices by TWD 300/mt week on week to TWD 8,700/mt ($291/mt) delivered, up by $8/mt on US dollar basis.
$1 = TWD 29.88
