Taiwan’s deep sea scrap prices have remained relatively stable in the current week. Ex-US scrap prices have trended in a narrower range this week, while Japanese sellers have been quiet once again. Major Taiwanese steel producer Feng Hsin has kept its domestic rebar prices unchanged at TWD 16,100/mt ($529/mt) ex-works, with dollar-based price up by $2/mt taking the exchange rate into account. The local Taiwanese rebar market has been silent again this week, with buyers being cautious before players in Taiwan and China exited the market for the long holiday early in October.
Over the past week, offer prices for ex-US HMS I/II (80:20) scrap in containers have remained relatively stable at $295-307/mt CFR as compared to last week’s $299-302/mt CFR. Additionally, actual deal prices have moved down on the upper end from $295-297/mt CFR to $295-296/mt CFR.
Offers for Japanese H1/2 (50:50) scrap bulk cargoes have been silent this week, with the last offer heard two weeks ago at $318-322/mt CFR. “Japanese sellers remain out of the market due to the unstable Japanese yen as well as low price expectations and slow demand from Taiwanese mills,” a Taiwanese source commented.
Feng Hsin has kept its scrap procurement prices stable this week at TWD 8,400/mt ($276/mt) delivered, up by $1/mt on US dollar basis. “Local prices are moving sideways as the import scrap segment has found its bottom,” a source familiar with the mill said.
$1 = TWD 30.40