TAIWAN March 01 2017 12:05 PM
TAIPEI (Scrap Register): Prices for Taiwanese containerized HMS # 1&2 80:20 imports shot up by $18 a ton to $269 a ton during the week ended February 24, as per the latest figures from The Steel Index.
Taiwanese mills came under pressure during the week as higher prices and falling inventories forced mills to buy at higher offer levels from overseas scrap merchants.
Mills are bullish on scrap prices in the near term and so have bought material before prices rise further. Japanese scrap exporters have also raised their offer levels and are above those of ISRI grade 80:20 merchants.
Domestic demand for finished long products has remaimed weak, further squeezing the mills, but prices are on the rise, largely due to the high scrap prices.