Import scrap prices in Taiwan are moving down as demand remains sluggish in the country during the rainy season, while Vietnam is seeking lower scrap price levels from both US and Japanese suppliers. Major Taiwanese producer Feng Hsin has kept its domestic rebar prices at TWD 17,800/mt ($563/mt) ex-works, with its dollar-based prices moving sideways taking the exchange rate into account. “The market is still silent due to poor demand [amid continuous rainfall] for the last ten days, and we only saw the sun yesterday,” a source added. Chinese 5SP grade billet prices are still at $495/mt CFR Taiwan, sources report, while lower billet qualities from China are priced at $490/mt CFR.
Offer prices for ex-US HMS I/II (80:20) scrap in containers to Taiwan have moved down to $352/mt CFR, from the $353-357/mt CFR levels recorded last week. Actual prices in ex-US deals have moved down by $2-3/mt week on week to $347-348/mt CFR. Taiwanese sources expect prices to soften again next week. Offers from the US West Coast to Vietnam for bulk HMS I/II 80:20 scrap are at $400/mt CFR, stable as compared to last week. There are no deals done from the US West Coast to Vietnam this week, sources report. Offers for the same grade from Australia have been heard at $390/mt CFR to Vietnam.
As previously reported by SteelOrbis, ferrous containerized scrap prices on the US West Coast continue to fall. Even after last week the price of HMS I/II 80:20 decreased by $5/mt on Wednesday. There were almost immediate reports the next day that the latest deals had already fallen by another $5/mt. The price fell on Wednesday to $335/mt FAS Long Beach port and dropped to $330/mt FAS on Thursday. P&S ft also declined by $5/mt to $345-350/mt FAS port, while shredded decreased.
Japanese suppliers have remained out of the market and did not share offers with Taiwan this week. “Tokyo Bay prices have remained stable and Tokyo Steel has not reduced its prices. Japanese bulk quotations are expected to decline,” a Taiwanese source reported.
Feng Hsin has kept its scrap procurement prices stable over the past week at TWD 10,500/mt ($332/mt) delivered, also stable on US dollar basis.
$1 = TWD 31.62
