An abrupt downturn in sentiment and the resulting bearish effect on demand have caused spot prices for containerized ferrous scrap in the key import market of Taiwan to fall, with traders attempting to liquidate positions quickly, sources told Fastmarkets during the week to Friday March 12.
Fastmarkets' daily price assessment for containerized steel scrap, HMS 1&2 (80:20), United States material import, cfr main port Taiwan was $415-420 per tonne on Friday, down by $5 per tonne from Thursday and down by $18-20 per tonne from $433-440 per tonne a week ago.Buyers have been staying away from the import market since the start of the week due to expectations of more falls in spot prices, with...