Fastmarkets’ daily price assessment for containerized cargoes of steel scrap, HMS 1&2 (80:20), US material import, cfr main port Taiwan was $230-235 per tonne on Thursday July 9, up by $2-5 per tonne from $228-230 per tonne from a day earlier and widening upward by $5 per tonne from $230 per tonne cfr Taiwan on July 3.
Spot prices for containerized cargoes of heavy melting scrap 1&2 (80:20) from the United States West Coast edged down slightly in the earlier part of the week before sentiment recovered mid-week.
Offers rebounded to $235 per tonne cfr Taiwan on Thursday from $230 per tonne cfr Taiwan at the start of the week.
Bids recovered to $230 per tonne cfr Taiwan on Thursday from $225 per tonne cfr Taiwan at the start of the week. Prices continued to increase to $230-235 per tonne by Thursday, with confirmed transactions at $230, $233 and $235 per tonne cfr Taiwan.
"It’s a bit mixed this week. Rebar prices are lower and steel mills have continued to cut domestic scrap purchase prices. But overseas prices are recovering slightly and buyers are bidding higher," a Taiwanese trader told Fastmarkets on Wednesday.
Domestic scrap prices have dropped a total of NT$700 ($24) per tonne in three weeks, including NT$200 per tonne this week to NT$6,800 per tonne.
Rebar prices have also fallen NT$200 per tonne to NT$14,600 per tonne this week.
"Given how much prices have fallen and that Turkish import prices have been rather stable, it is likely that a price rebound has started," a buyer at a Taiwanese steel mill said on Thursday.
The Kanto Tetsugen auction result announced on Thursday morning also supported prices, with market participants describing it as "quite high" in the current market.
Bulk Japanese cargoes of Japanese H1&H2 scrap (50:50) were offered at $255 per tonne cfr Taiwan on Thursday, up from $245 per tonne cfr Taiwan in the earlier part of the week.
Import prices for containerized ferrous scrap in Taiwan started a recovery in the middle of this week amid increased demand, breaking an almost three-week downward streak.