Taiwanese import scrap prices have stabilized after their decline over the past weeks. Market sources report that after softening a bit this week, import scrap quotations in Taiwan have stabilized and are now considered to have hit bottom. As a result, Taiwanese mills have also kept their domestic scrap prices stable week-on-week. Meanwhile, the major Taiwanese producer Feng Hsin has kept its domestic rebar prices unchanged at TWD 16,100/mt ($545/mt) ex-works, with dollar-based prices up by $1/mt, taking the exchange rate into account. However, market sources report that a TWD 200/mt discount is provided if an order was placed last week for delivery in June. “This is to speed up delivery, but not all mills are following suit, as rebar prices are already very low,” a source from a producer commented.
Offers for ex-US HMS I/II (80:20) scrap in containers to Taiwan have been in the range of $295-298/mt CFR, moving down by $5/mt on the upper end. This price range is regarded as a bottom. Actual deal prices have declined to $293/mt CFR, down $2/mt week-on-week. Market sources report that the number of offers from the US has been limited.
Japanese H1/2 (50:50) scrap bulk cargoes have been offered at $315-323/mt CFR, slightly wider than last week’s $316-321/mt CFR range. A deal was closed at $315/mt CFR for this grade.
Over the past week, Feng Hsin has kept its scrap procurement prices stable at TWD 8,800/mt ($298/mt) delivered, up by $11/mt on a US dollar basis.