Over the past week, Taiwanese buyers’ scrap import prices have decreased by $10/mt via ex-US scrap bookings. Again market sources report that there was no new deal on the Japanese scrap segment in this period amid the unacceptable price different from the US and Japan.
After decreasing to $450/mt CFR in deals late last week, offers for ex-US HMS I/II 80:20 scrap in containers have moved down in Taiwan to $445/mt CFR and $440/mt CFR has been recorded as the lowest number via deals.
As Japanese suppliers have continued failing in their sales to Taiwan over the past week, their offers for H1/2 50:50 scrap by bulk to Taiwan have remained at $480/mt CFR, stable week on week. Tight supply on the Japanese scrap segment is supporting the current price levels, though they are considered not workable as compared to the US.
Demand in Taiwan is not good, according to market sources that are adding that there was an accident in one major Taiwanese mill’s melting shop which will also cause this mill to be out of the market for one to two weeks. Also with the electricity restrictions in Taiwan and the international scrap prices going down, local rebar market has also almost come to halt, waiting for a signal. Local rebar prices in Taiwan are currently at NTD 22,600/mt ex-works, sources state.
Taiwanese players state that currently Indian rebar is more attractive as compared to Turkish rebar in the Asian region. One source even said that Turkey is not to-go-country anymore for Asian buyers. This lack of competition is caused by the freight numbers, SteelOrbis understands, as well as the ongoing Covid spreads in India’s traditional buyer states which causes country to give aggressive offers to alternative markets.