SteelOrbis observes that the Taiwanese scrap market remains quiet as prices continue to soften. “We see a quick fall in the US segment, but Japanese suppliers are lowering their quotations at a slower pace, which I believe can be considered a normal pace,” a source at a Taiwanese mill commented. Taiwanese scrap buyers are monitoring the market closely and are not showing a large appetite for purchases ahead of the summer season. As a result, the gradual decline continues in Taiwan’s import scrap market.
The lowest price for ex-US HMS I/II 80:20 scrap in containers to Taiwan in deals was at $425/mt CFR. This level is $5/mt lower than the initial offers from the US at the beginning of this week and indicates a decrease from the offer range of $440-445/mt CFR recorded last week. On the other hand, offers from Australia for the same grade are at $420/mt CFR, though workable levels for Australian HMS I/II 80:20 are considered to be in the range of $410-415/mt CRR Taiwan.
Meanwhile, a deal for Japanese H1/2 50:50 scrap by bulk to Taiwan was done at $440/mt CFR, while offers were standing at $445/mt CFR. Earlier this week, Japanese suppliers were offering at $450/mt CFR to Taiwan, while at the end of last week Japanese H1/2 50:50 scrap by bulk to Taiwan was considered to be below $460/mt CFR.
Domestic HMS I/II 80:20 scrap prices in Taiwan have declined by TWD 300/mt or $13/mt week on week to TWD 12,500/mt ($420/mt) ex-works, while official domestic rebar prices in Taiwan have moved sideways at TWD 22,700/mt ($763/mt) ex-works. “We are expecting a decrease in domestic rebar prices early next week,” a source said.
$1 = TWD 29.76