On April 21, SteelOrbis reported scrap export offers from the US West coast to Taiwan sliding down to $238-242/mt CFR for HMS I/II 80:20.
As Japanese H2 scrap has come under pressure with lower bids from South Korean and Vietnamese mills, US West coast scrap offers have moved down in tandem.
Ex-US deals are being heard at $230/mt CFR Taiwan on HMS I/II 80:20 with limited offers at $235/mt CFR Taiwan. The price on HMS I/II 80:20 has dropped $20-25/mt from the buyer bids of $250-255/mt CFR Taiwan that were heard in early April. The bids garnered limited interest from West coast scrap exporters as the price direction was yet unclear.
According to sources, while the US East coast scrap export market seems stable, US domestic scrap prices are expected to trend sideways in the Midwest and drop slightly on the East coast. As for the West coast, China has shown some unexpected upward shifts through the week, leading US exporters to limit export volume. According to one source, no significant scrap trade activity has been seen in the West coast through April and “some signs are visible of a possible upward shift in May.”