TAIWAN May 09 2016 11:02 AM
TAIPEI (Scrap Register): Prices for containerized Taiwanese imports of HMS # 1&2 80:20 continued to advance sharply to $268 a ton during the week ended April 22, as per the latest figures from The Steel Index.
According to TSI, prices for containerized Taiwanese imports of HMS #1&2 80:20 surged $21 a ton to $268 a ton CFR Taiwanese port during the week.
In Taiwan, bid prices for ISRI grade scrap were revised on a daily basis. That said, sellers of scrap refused to budge on their offer levels and seem to prefer to wait, rather than sell at a lower price.
Some buyers are unsettled by the ongoing price hikes, but have little option other than to bite the bullet and pay for the asking price - hoping to cover their losses in the continuously gaining steel market.
Yet, Taiwanese domestic market prices for rebar have failed to keep pace with international scrap prices, making many mills continue to maintain their wait-and-see approach before committing to any purchases.