The import scrap prices in Taiwan have posted gradual declines this week as demand has been slack, taking into account slowdown in the regional rebar market, and prices have been slowly going down in the benchmark Turkish market. “The domestic rebar market was completely silent this week, as market confidence is lost because of weakening scrap prices and extreme hot temperature,” a mill from Taiwan said.
Ex-US HMS I/II (80:20) scrap offers in containers have slipped to $360-370/mt CFR this week, which is slightly below $370/mt CFR seen late last week and deals at $375/mt CFR. However, by the end of the week, the deals have been under negotiations not above $360/mt CFR with overall quantity on offers being smaller as suppliers have been less eager to sell at lower prices.
Japanese H1/2 (50:50) scrap by bulk have been offered at $375-385/mt CFR versus $383-390/mt CFR late last week. There has been information in the market that 5,500 mt of Japanese scrap sold under the recent Kanto tender will go to Taiwan with the price assessed by market sources at $382/mt CFR or so. However, today, a few market sources said that the material may be shipped to Vietnam instead, with bids from Taiwan would hardly be above $375/mt CFR. At the same time, Japanese suppliers have withdrawn offers after the higher Kanto tender.
Both local scrap and rebar prices have been relatively stable in Taiwan over the week – at TWD 11,500/mt ($368/mt) delivered to mill and TWD 18,900/mt ($605/mt) ex-works.
$1 = JPY 31.199