Sentiment in the Taiwanese scrap market has remained negative. Market sources expect scrap prices to continue moving down in the coming period. This mood impacts the domestic rebar market in Taiwan, resulting in silence among end-users. In the current week, major Taiwanese producer Feng Hsin has kept its domestic rebar prices stable at TWD 18,800/mt ($579/mt) ex-works, while dollar-based prices have decreased by $5/mt over the past week due to the currency fluctuations.
Offers for ex-US HMS I/II (80:20) scrap in containers have continued their downward movement and are now at $347-353/mt CFR, down by $2-3/mt week on week. There are deals closed at around $345-350/mt CFR, indicating that the actual deal price has also dropped, by $3/mt on the lower end.
Ex-Japan offers for H1/2 (50:50) scrap by bulk to Taiwan have declined from $368-370/mt CFR recorded last week to $356-365/mt CFR. No bookings from Japan in Taiwan have been heard this week. Market sources report that Japanese sellers are trying to resist lower bids despite the vulnerability of the market.
With the import scrap quotations considered to be on a soft sideways trend by players, domestic HMS I/II 80:20 scrap prices in Taiwan have moved sideways at TWD 11,400/mt ($351/mt with $1/mt decline) delivered to mill.
$1 = TWD 32.48