Taiwan’s import scrap market has indicated a small decline for ex-US cargoes, though this slight softening is not yet considered by market players to constitute a genuine downward trend. Japanese scrap prices remain stable week on week, though the Japanese yen-US dollar exchange rate creates problems for sellers. Also, the Taiwanese rebar market has lapsed back into silence this week after some sales were done last week. In the current week, major Taiwanese producer Feng Hsin has kept its domestic rebar prices stable at TWD 18,800/mt ($580/mt) ex-works, with its dollar-based prices decreasing by $10/mt over the past week due to currency fluctuations.
Offers for ex-US HMS I/II (80:20) scrap in containers are at $350-355/mt CFR, slightly lower than the range recorded last week at $352-360/mt CFR. There are deals closed at around $348-350/mt CFR, also decreasing by $2-3/mt week on week.
Ex-Japan offers for H1/2 (50:50) scrap by bulk to Taiwan have remained at $368-373/mt CFR. Only a small increase on the upper end is observed, but this is the result of the sharp fluctuation of the Japanese yen against the US dollar. A Taiwanese source from a major producer stated, “The Japanese yen is fluctuating too much and Japanese traders are not willing to offer under the circumstances.” Taiwanese mills have not concluded deals for this grade yet.
Domestic HMS I/II 80:20 scrap prices in Taiwan have moved sideways at TWD 11,400/mt ($352/mt) delivered to mill since most players in Taiwan considers deep sea scrap prices to be stable.