“The US suppliers are trying to push up prices. Taiwanese buyers have been resisting, but have had to accept at least some increases if they need to buy,” a trader said. Prices have been rising in line with the growth in the Turkish import scrap price in recent weeks. Metal Bulletin’s price assessment for imports of USA-origin HMS 1&2 (80:20) into Taiwan was $255-265 per tonne cfr for the week ending Friday July 14, up by $5 per tonne from $250-260 per tonne cfr last week. Deals were said to have been done between $258 and $265 per tonne cfr Taiwan, according to local traders, with most business reported at $260-263 per tonne cfr. At the same time, however, a source on the producers’ side said that he has made purchases at $255-257 per tonne cfr Taiwan this week. Offers for USA-origin HMS 1&2 (80:20) were said to be between $262 and $268 per tonne cfr. Offer prices for Japanese H2-grade bulk cargoes were heard at $275-280 per tonne cfr this week in Taiwan, according to sources. Bulk cargoes of Japanese H2-grade scrap have historically traded at prices just a few dollars higher than HMS 1&2 (80:20) containers from the USA. Domestic scrap traders in Taiwan were said to be unhappy with too wide a gap between their deal prices and those for imports, and were said to be holding back from making offers until mills are ready to pay higher prices. “For now, it is just pushing the mills to import more [volumes],” a trader said. What is limiting import scrap demand, though, is lower production at the mills due to summer maintenance work, market participants said. “With the rise in import scrap prices, Taiwanese mills’ production costs are getting higher,” a trader said. “So, there is an expectation of a rise in the rebar offer prices next week.”
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