TAIWAN April 22 2015 6:36 PM
TAIPEI (Scrap Register): The monthly average prices for Taiwanese imports of HMS #1&2 80:20 rose $4.65 a ton to $232.40 a ton CFR Taiwanese port in March. Prices rose throughout the month driven predominantly by the resumption of Japanese scrap buying by South Korean mills, as per the Steel Index.
With the cheaper Japanese material less readily available to Taiwanese mills deals were concluded at higher levels, albeit predominantly on small cargoes.
Despite the price rise, March was characterised by a significant bid-offer gap meaning neither buyers nor sellers were willing to commit to large quantities of material.
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With Japanese scrap starting to be offered to Taiwanese mills again at the end of March, alongside low iron ore prices and a rebar mar-ket with an unsure future, many mills are now sceptical about the sustainability of the current price of scrap.
However, the monthly average of TSI’s index for North Asian HMS #1 scrap imports rose to $249.40 a ton CFR port in March, whilst the monthly average of TSI’s index for ASEAN imports of HMS #1&2 80:20 declined $1.75 a ton to $243 a ton CFR port (both of these indices are currently under development).
(This article is compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments to firstname.lastname@example.org)