Over the past week, Taiwanese import scrap market has continued its upward trend. Both ex-US and ex-Japan scrap offers have increased, though buyers are not willing to pay higher levels for bulk cargoes from Japan. Despite the price increases observed in the local rebar market, demand is lacking to support scrap segment. The major Taiwanese producer Feng Hsin has raised its domestic rebar prices by TWD 200/mt this week to TWD 16,000/mt ($507/mt) ex-works, with dollar-based prices increasing by $7/mt taking the exchange rate into account. Southern mills in Taiwan have increased their rebar prices from the TWD 15,600/mt ex-work last week to TWD 15,800/mt ex-works. “Rebar prices in the country have increased by TWD 500/mt over the past two weeks and market players find it difficult to accept as rebar quotations were really low for a long time. Tonnage of rebar sales was not high this week due to the resistance of buyers,” a source commented.
Offer prices for ex-US HMS I/II (80:20) scrap in containers to Taiwan have increased over the past week from the range of $303-309/mt CFR to $310-320/mt CFR. Actual prices in ex-US deals have moved up from $304-306/mt CFR to $308/mt CFR. Sellers are mostly asking for $310/mt CFR and above hence not many bookings were done.
Japanese sellers’ H1/2 (50:50) offers to the Taiwanese market have also moved up from $314-323/mt CFR to $321-327/mt CFR this week. No deal done as sellers are now asking higher levels and are finding willing buyers in other countries.
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