Taiwan’s domestic rebar market has been active over the past week, while market players believe scrap quotations are set to move up as rebar demand continues to be observed. Major Taiwanese producer Feng Hsin has kept its rebar prices stable week on week at TWD 19,100/mt ($608/mt) ex-works, while its price recovered by $1/mt on dollar basis amid exchange rate fluctuations. The producer is expected to increase its rebar prices in the coming week.
Offers for ex-US HMS I/II (80:20) scrap in containers to Taiwan have increased over the past week from $375-380/mt CFR to $378-393/mt CFR. Prices fixed in actual deals have also moved up, from $372-375/mt CFR to $377-378/mt CFR.
Japanese scrap suppliers are sharing offers for H1/2 (50:50) scrap by bulk to Taiwan at $390-395/mt CFR, while last week this range was at $385-392/mt CFR. No deals have been heard this week at the new offer prices.
Meanwhile, South Korean scrap suppliers are offering material to Taiwan as their own scrap market now represents the lowest price in the region since the performance of the South Korean steel market is on the weak side. Over the past six weeks, domestic scrap prices have been moving down, forcing sellers to seek opportunities in the export markets. South Korean offers to Taiwan are similar to the Japanese H 1/2 (50:50) scrap prices.
Domestic HMS I/II 80:20 scrap prices in Taiwan have remained unchanged over the past week at TWD 11,800/mt ($376/mt) delivered to mill, moving up by just $1/mt. The local Taiwanese scrap market is expected to move up in the coming week as rebar demand remains active.
$1 = TWD 31.40