TAIWAN November 14 2016 9:47 AM
TAIPEI (Scrap Register): Taiwanese scrap prices saw a 23% increase across the month to end October at $230 a ton, according to the Steel Inxed.
October began with prices down $7 a ton as a result of sluggish domestic demand. The level of $187 a ton was the lowest the index since March of this year.
Mills slashed offers for finished long products and also opted to procure scrap locally as prices were relatively lower than offers in the seaborne market.
The second half of October saw the containerized market reverse its downtrend and prices reaching $200 a ton. The price hike came on the back of international scrap prices seeing a rise, hence forcing Taiwanese mills to increase their bids.
The domestic market eventually saw an increase in sales of finished long products at the back end of the month, lending support to containerized scrap prices.