Taiwan’s import scrap market has remained stable this week with scrap deals closed for ex-US material. However, there are signs that sellers’ intentions are changing, with scrap offer prices to Taiwan moving up.
In the current week, major Taiwanese producer Feng Hsin has kept its domestic rebar prices stable at TWD 18,500/mt ($570/mt) ex-works, with its dollar-based prices moving down by a mere $1/mt over the past week. Actual deals in the local Taiwanese rebar market were closed at TWD 18,100-18,500/mt ($558-570/mt) ex-works this week. A source at a major Taiwanese producer commented, “The main deal price for domestic rebar this week was at around TWD 18,200/mt ($561/mt) ex-works. Since end-users have waited a long time, they now need to restock.
Offers for ex-US HMS I/II (80:20) scrap in containers have moved up by $10/mt week on week and are now at $350-360/mt CFR. Despite the increases observed in offer prices, there are deals closed at around $340-345/mt CFR. As a result, actual prices have decreased by $4/mt on the upper end.
Earlier this week, ex-Japan offers for H1/2 (50:50) scrap by bulk to Taiwan were relatively stable at $353-365/mt CFR as compared to $355-366/mt CFR late last week. However, since yesterday, June 27, offers below $360/mt CFR have disappeared. No bookings from Japan have been heard in Taiwan this week as buyers consider that Japanese offers are expensive and limited in number.
Domestic HMS I/II 80:20 scrap prices in Taiwan have remained stable at TWD 11,100/mt ($342/mt) delivered to mill, with dollar-based prices moving down by $1/mt week on week. Meanwhile, P&S scrap prices in the local market are reported to have increased by NTD 300/mt this week. According to market sources, Taiwanese mills are buying P&S grade aggressively.
$1 = TWD 32.43