Taiwan’s import scrap market has continued its upward trend over the past week. As billet availability has declined and given the firm sentiments in the international scrap market, Taiwanese buyers have accepted higher prices for ex-US scrap. Japanese offers are also rising following the Kanto scrap export tender. Major Taiwanese steel producer Feng Hsin has kept its domestic rebar prices stable this week at TWD 15,800/mt ($500/mt) ex-works, with its dollar-based price moving sideways, taking the exchange rate into account. “More than 100,000 mt of rebar sales were transacted across Taiwan this week as the market sensed raw material prices will rise significantly,” a source reported. Mills in southern Taiwan have increased their rebar prices from TWD 15,300/mt ex-works last week to TWD 15,600/mt ex-works this week due to the continuous upward trend of scrap prices and with Russia halting its billet offers to Taiwan.
Offer prices for ex-US HMS I/II (80:20) scrap in containers to Taiwan have remained in the range of $303-309/mt CFR this week. Actual prices in ex-US deals have moved up from $300/mt CFR to $304-306/mt CFR.
Japanese sellers’ H1/2 (50:50) offers to the Taiwanese market are currently in a wider range, moving from $315-320/mt CFR to $314-323/mt CFR this week. No deal has been done as sellers are now asking for higher levels.
Feng Hsin has kept its scrap procurement prices stable this week at TWD 9,000/mt ($285/mt) delivered, unchanged on US dollar basis.
$1 = TWD 31.59
