As anticipated by SteelOrbis last week, import scrap prices of Taiwan stopped moving up due to the silence in local Taiwanese rebar market and in international scrap market. Major Taiwanese producer Feng Hsin has kept its rebar prices stable week on week at TWD 19,400/mt ($624/mt) ex-works, prices moved up by $4/mt on dollar-basis amid exchange rate fluctuations. SteelOrbis has learned that the rebar sales done in Taiwan over the past weeks have caused domestic rebar market to take a breather.
Offers for ex-US HMS I/II (80:20) scrap in containers to Taiwan are now at $382-395 from $380-393/mt CFR. Prices fixed in actual deals also moved up from $377-380/mt CFR to $380/mt CFR, which is considered a stabilization by Taiwanese players. A source from a major Taiwanese producer reports that, “US scrap deals can be done below $380/mt CFR but they will wait for further downward corrections before buying some”.
Japanese scrap suppliers are sharing offers for H1/2 (50:50) scrap by bulk to Taiwan at $389-395/mt CFR, last week this range was $393-405/mt CFR. No deals were heard this week from the new offer prices. Although dollar-based prices have declined by $4-10/mt for Japanese scrap offers this week, prices on yen basis have moved very slightly and the change can be the result of depreciated Japanese yen.
Domestic HMS I/II 80:20 scrap prices in Taiwan have moved sideways the past week at TWD 12,100/mt ($389/mt) delivered to mill, moving up by $1/mt.
$1= TWD 31.12