Having remained soft over the holidays, Taiwan’s import scrap prices have continued to move down this week. Taiwanese sources report that “domestic rebar market started to kick off as end users have been waiting for lower prices to replenish stocks.” As mills lowered their domestic rebar prices, trading become livelier. For example, in the current week, major Taiwanese producer Feng Hsin’s rebar prices have cut its rebar prices by TWD 300/mt to TWD 18,800/mt ($580/mt) ex-works, dollar-based prices decreased by 10/mt over the past week due to the currency fluctuations.
Offers for ex-US HMS I/II (80:20) scrap in containers are at $352-360/mt CFR, moving down from $358-361/mt week on week. There are deals closed at around $350-353/mt CFR, also decreasing by $4-5/mt.
Ex-Japan offers for H1/2 (50:50) scrap by bulk to Taiwan offers have remained at $368-372/mt CFR, while Kanto tender has indicated a JPY 1,500/mt increase yesterday. Taiwanese mills have not concluded deals for this grade yet, though number of offers from Japan was also limited.
Domestic HMS I/II 80:20 scrap prices in Taiwan have moved down by TWD 300/mt to TWD 11,400/mt ($352/mt) delivered to mill. Due to the deppreciation of the Taiwanese dollar against the US dollar, $10/mt decrease is recorded on dollar-basis. Taiwanese mills stated that import scrap market is weak and local currency depreciates, hence a downward revision in the local scrap market was done.
$1= TWD 32.39