Taiwan’s import scrap market softens further despite positive rebar sales situation

Friday, 05 January 2024 15:13:07 (GMT+3)   |   Istanbul
       

Import scrap prices in Taiwan have softened further amid the negative sentiment observed in the international scrap market during the holiday season. The recovery seen in Turkey’s import scrap market has not been reflected in Asia yet. According to market players, rebar sales of Taiwanese mills are doing unexpectedly well, with each estimated to have sold around 10,000 mt of rebar this week. Major Taiwanese producer Feng Hsin has reduced its rebar prices by TWD 300/mt week on week to TWD 19,100/mt ($616/mt) ex-works, with prices moving down by $16/mt on dollar basis amid exchange rate fluctuations.

Offers for ex-US HMS I/II (80:20) scrap in containers to Taiwan are now at $375-381/mt, from $377-384/mt CFR recorded last week. Prices fixed in actual deals have moved from $373/mt CFR to $373-375/mt CFR.

Japanese scrap suppliers are sharing offers for H1/2 (50:50) scrap in bulk to Taiwan at lower levels of $389-390/mt CFR, from $389-395/mt CFR last week. The decline observed in ex-Japan offers is the result of the weakening of the Japanese yen against the US dollar.

Domestic HMS I/II 80:20 scrap prices in Taiwan have moved down over the past week by TWD 300/mt to TWD 11,800/mt ($381/mt) delivered to mill, declining by by $17/mt on dollar basis. The decline in the local Taiwanese scrap market is caused by the weak performance in the import scrap segment, with actual prices moving down, market sources say.

$1 = TWD 30.99


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