Following the upward correction observed in the international scrap market, Taiwanese sources reported that a good quantity of rebar has changed hands in their domestic market. A source commented that “These sales are due to three-year low price for rebars and the recovery seen in scrap, billets and iron ore quotations". The major Taiwanese producer Feng Hsin has kept its domestic rebar prices unchanged at TWD 17,900/mt ($560/mt) ex-works, also stable on dollars.
While offers for ex-US HMS I/II (80:20) scrap in containers were at around $323-328/mt CFR. This price range is $2-7/mt lower than the levels recorded at the end of last week, but number of offers are also limited. Taiwanese producers concluded deals at $323-325/mt CFR this week, actual price moving down from $325-328/mt CFR.
Offers for Japanese H1/2 (50:50) scrap bulk have been revised from $345-355/mt CFR to $348/mt CFR on Monday, August 26. But in the following days, Japanese offers to Vietnam disappeared, market sources say.
Feng Hsin has kept its procurement scrap price stable this week at TWD 10,200/mt ($319/mt) delivered, unchanged in dollars. A source said that the sideways movement in the local Taiwanese scrap market is the result of stable import scrap price trend which reached to a two-year low.
$1= TWD 31.96