TAIWAN February 10 2017 5:55 PM
TAIPEI (Scrap Register): The Taiwanese market played second fiddle to the US market over January. Prices fell by 1.7 percent over the month, opening at $251 a ton in the first week, before falling as the Turkish market collapsed, to close the month at $244 a ton, according to the Steel Index.
Sentiment from the Taiwanese buyers was cautious. The large degree of uncertainty in the Turkish market pushed many buyers to the side-lines until they see prices stabilize.
Demand for import ISRI grade scrap remained tempered, in part due to good domestic supply of scrap, and in part due to weak demand from mills.
The Chinese Lunar New Year brought the market to a standstill in the last two weeks, with the holiday period halting all buying activity.
Both the Taiwanese and Indian markets swiftly followed the Turkish price down, the US price has however remained elevated, with market participants expecting February to be down between $30-$40 a long ton.
