Taiwanese buyers turned to imported containerized ferrous scrap from the United States West Coast over the past week due to the absence of Japanese scrap in the market.
Date: August 14, 2020
By: Paul Lim
Fastmarkets’ daily price assessment for containerized cargoes of steel scrap, HMS 1&2 (80:20), US material import, cfr main port Taiwan was $257-259 per tonne on Friday August 14, unchanged from a day earlier but up by $2 per tonne from $255-257 per tonne cfr Taiwan on August 7.
Sources in Taiwan told Fastmarkets that prices for containerized cargoes of heavy melting scrap 1&2 (80:20) from the US West Coast have stopped shooting up and will be stabilizing from this week onwards.
“Buyers are increasingly hesitant about purchasing at higher prices now. Even prices in Turkey have stabilized,” a buyer at a Taiwanese steel mill said on Thursday.
Negotiation levels were at $255-260 per tonne cfr Taiwan early in the week before transactions were concluded at $257, $258 and $259 per tonne cfr Taiwan from Wednesday onwards.