Taiwanese customers lowered their import scrap purchases this week ahead of the Dragon Boat Festival on June 25-26. As a result, both ex-US and ex-Japan suppliers were forced to cut prices to sign some deals.
Contracts for a limited quantity of ex-US HMS I/II 80:20 in containers were signed at $245/mt CFR, down $7-10/mt down compared to deals last week. “Most customers stopped buying ahead of the holidays and there are expectations that prices will go down further,” a Taiwan-based importer said.
Japanese scrap exporters have also cut prices for H1/2 50:50 by bulk by around $10/mt over the past week to $260/mt CFR, with some small volumes traded at this level. Moverover, there was already information about negotiations at $255/mt CFR on Wednesday.