Import scrap prices in Taiwan maintain their downtrend

Friday, 22 November 2024 16:28:42 (GMT+3)   |   Istanbul

Taiwan’s import scrap market has continued to move downwards over the past week. The sharp drop in the international scrap market is contributing to the soft price trend, while China is still exerting downward pressure in the region. Taiwanese producers’ steel sales are very limited, SteelOrbis hears. “Buyers only buy what they need. The Chinese market is still not stable. Taiwan’s housing restrictions and frequent typhoons have already slowed down rebar sales,” a source at a major domestic mill commented.  According to the Taiwan-based Central Weather Administration (CWA), three typhoons have made landfall in Taiwan this year, the most in a calendar year since 2008, while the two landfalls in October were a historical first. Major Taiwanese producer Feng Hsin has cut its domestic rebar price by TWD 200/mt to TWD 17,800/mt ($546/mt) ex-works, with its dollar-based price decreasing by $8/mt week on week taking exchange rate changes into account.

This week, offers for ex-US HMS I/II (80:20) scrap in containers have continued their downtrend and declined by $8/mt on the lower end to $310-325/mt CFR. Some Taiwanese producers have concluded bookings for this grade at $305/mt CFR this week, $10/mt lower week on week.

During the past week, offers for Japanese H1/2 (50:50) scrap bulk have moved down from last week’s $328-333/mt CFR range to $320-328/mt CFR. No Taiwanese mill has concluded ex-Japan scrap bookings this week, once again due to the ongoing congestion of ships in northern and southern Taiwan. Taiwanese producers’ scrap inventory levels are on the high side and market players think this will slow down demand for Japanese scrap.

Feng Hsin has lowered its scrap purchase prices by TWD 300/mt to TWD 9,600/mt ($294/mt) delivered, down by $11/mt on US dollar basis amid the changes observed in the exchange rate. Sources report that the decrease in domestic scrap prices is the result of the slight drop in import prices and the high scrap inventory levels of steel producers.

$1= TWD 32.62


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