Although the domestic rebar market in Taiwan had a rest this week after the deals concluded last week, import scrap prices have continued to move up. The uptrend seen in the international scrap market has provided support for Taiwan’s scrap purchase prices. Also, the Taiwanese dollar has gained some strength against the US dollar, providing Taiwanese producers with some room on prices. Major Taiwanese steel producer Feng Hsin has raised its local rebar prices by TWD 300/mt week on week to TWD 18,800/mt ($592/mt) ex-works, increasing by $20/mt on dollar-basis amid exchange rate fluctuations.
Offers for ex-US HMS I/II (80:20) scrap in containers to Taiwan have increased over the past week from $360-368/mt CFR to $363-375/mt CFR. The lowest price recorded in an actual deal was $360-365/mt CFR, indicating a $5/mt increase on the upper end.
Japanese scrap suppliers are sharing offers for H1/2 (50:50) scrap by bulk to Taiwan at $370-380/mt CFR, while last week this range was at $370-376/mt CFR. A deal was closed at $365/mt CFR for this grade.
Domestic HMS I/II 80:20 scrap prices in Taiwan have moved up by TWD 300/mt over the past week to TWD 11,600/mt ($365/mt) delivered to mill. Due to the appreciation of the Taiwanese dollar, prices have increased by $16/mt on dollar basis.
$1 = TWD 31.77