As Japanese H2 domestic and export scrap prices increase, Taiwan domestic scrap purchase prices also increase and US domestic scrap prices are expected to increase $20-40/mt depending on grade and region, US West coast export scrap prices are also firming up.
SteelOrbis reported the following ex-US scrap offers on February 15: HMS I/II 80:20 at $270-275/mt CFR South Korea, HMS I/II 80:20 at $250-255/mt CFR Taiwan, HMS I offers at $275-280/mt CFR South Korea, and HMS I offers at $280-$285/mt CFR Vietnam.
Offers on HMS I/II 80:20 and HMS I are presently limited as suppliers expect prices to increase further. According to sources, offers for HMS I have increased by $10/mt on the bottom of the range and $15/mt on the top of the range in the past week and are now heard at $285-295/mt CFR South Korea and $290-300/mt CFR Vietnam.
Due to rapidly increasing global scrap prices, sources note that mills in South Korea and Vietnam are waiting to further observe the market prior to booking additional heavy melt cargoes at higher prices. Therefore, buyers are maintaining bids low at approximately $270-275/mt CFR South Korea and $275-280/mt Vietnam. Additionally, sources note that both countries have purchased sufficient inventories into April and are seeking late April and May shipments.
Taiwan was heard booking several cargoes of HMS I/II 80:20 from the US West Coast at $243-245/mt CFR in the week ended February 17. Bids are presently heard at $245-250/mt CFR Taiwan. Export offers for HMS I/II 80:20 have also increased $10/mt from the previous week and are now being heard at $260-265/mt CFR Taiwan.