Taiwan Containerized Scrap import prices advance 5.1 percent during February

TAIWAN March 14 2017 3:18 PM

TAIPEI (Scrap Register): Prices for Taiwanese containerized HMS # 1&2 80:20 imports advanced by $5.1 percent month-on-month to $260.25 a ton during the month of February, according to The Steel Index. 

The Taiwanese market began the month quietly, with no import activity reported amongst market participants. This was believed to be mainly due to the Lunar New Year holiday, as well as sharp declines in global prices in January, halting demand.

Mills were bidding much lower than suppliers’ offers and the wide spread prevented trading. Containerized scrap prices eventually began to follow global prices higher in the middle of February, eventually reaching $251 a ton.

Deals remained few and far between however as Taiwanese mills struggled to digest the high global prices amid weak demand for finished steel in the domestic market. This resulted in a majority of mills producing at around half of their full capacity utilization.