TAIWAN May 20 2015 10:50 AM
TAIPEI (Scrap Register): The demand for scrap from Taiwanese steel mills is likely to drop during May, according to The Steel Index.
This is as a consequence of restrictions on electricity usage kicking in, along with the fact that local demand for finished products remains weak.
Mills are unable to push up the price of long products in the domestic market and, thus, they can only tolerate lower prices when bidding for imported scrap.
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The market outlook for long steel products in Taiwan remains very negative as participants perceive no way for demand to increase in the near future.
However, the monthly average for Taiwanese scrap imports of HMS #1&2 80:20 fell by $2.40 a ton month-on-month during April to $230 ton CFR Taiwanese port.
Prices of imported ISRI grade scrap have now dropped below $230 a ton and most believe that, in order for mills to survive, scrap prices need to remain suppressed.
(This article is compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments to editor@scrapregister.com)
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