Import scrap buyers in Taiwan failed to keep prices stable in the week to Friday October 23 after the bellwether market in Turkey reported price increases, sources said.
Fastmarkets' daily price assessment for
containerized cargoes of steel scrap, HMS 1&2 (80:20), US material import, cfr main port Taiwan was $275-280 per tonne on Friday, widening upward by $5 per tonne from the previous day and up by
$5-10 per tonne from $270 per tonne on October 9.
Negotiations for containerized cargoes of heavy melting scrap 1&2 (80:20) from the United States West Coast were at $270-275 per tonne cfr Taiwan for the earlier part of the week before transactions were concluded at $273-275 per tonne cfr Taiwan by at least two major steel mills.
Negotiation levels later increased to $275 per tonne cfr Taiwan by Thursday and $275-280 per tonne cfr Taiwan by Friday, sources said,
"There are limited cargoes in the spot market now because many sellers are not offering materials," a buyer told Fastmarkets on Friday October 23.
Sellers maintained their offers at $275-280 per tonne cfr Taiwan for most of the week and refused to lower prices due to the bullish sentiment in the spot market.
"Turkey is back in the spot market and buying up materials at higher prices compared to weeks past," a trader in Taiwan told Fastmarkets on Wednesday October 21.
Turkish steel mills purchased multiple cargoes, at the least, this week from the Baltic Sea and Europe at $287.50-291 per tonne cfr Turkey, compared with
$279.50 per tonne cfr Turkey on October 8.
Offers for bulk cargoes of Japanese H1&H2 (50:50) were at $295 per tonne cfr Taiwan in the first part of the week, with two transactions at $288 per tonne cfr Taiwan on Monday or Tuesday, including at least one 6,000-tonne cargo.
There was a transaction reported at $295 per tonne cfr Taiwan on Thursday for a 3,000-tonne cargo.
Negotiation levels increased to $295-300 per tonne cfr Taiwan by Friday, although there were no transactions heard concluded, sources said, adding that offers were at $300-305 per tonne cfr Taiwan.