As anticipated by SteelOrbis, Taiwan’s import scrap market has already hit the bottom, with import scrap prices remaining relatively stable over the past week.
Meanwhile, trading in the Taiwanese rebar market has been sluggish again. “Due to declining iron ore prices, rebar trading has also been impacted. Iron ore prices have dropped excessively this week and weakened the market conditions,” a Taiwanese source commented. Major Taiwanese producer Feng Hsin has kept its domestic rebar prices unchanged at TWD 17,900/mt ($561/mt) ex-works, $1/mt higher than last week’s price due to exchange rate fluctuations.
While offers for ex-US HMS I/II (80:20) scrap in containers have remained unchanged over the past week at $323-328/mt CFR, Taiwanese producers have concluded deals at $323-325/mt CFR this week, stable week on week.
Offers for Japanese H1/2 (50:50) scrap bulk are now at $345/mt CFR Taiwan, declining slightly from $348/mt CFR recorded early last week. However, no new ex-Japan scrap deal has been heard in Taiwan.
Feng Hsin has kept its scrap purchase prices stable this week at TWD 10,200/mt ($320/mt) delivered, increasing by $1/mt. The ongoing sideways movement of import scrap prices has caused scrap prices in the local market to remain unchanged also.
$1 = TWD 31.90