Fastmarkets’ daily price assessment for containerized steel scrap, heavy melting scrap 1&2 (80:20 mix), US material import, cfr main port Taiwan was $470 per tonne on Friday November 5, falling by $5 per tonne from $475 on Thursday and by $10 per tonne from $480 a week earlier.

A major Taiwanese electric-arc furnace-based steelmaker had kept its domestic scrap purchase price and rebar sales price stable on Monday.

Negotiation levels were at $475-480 per tonne cfr Taiwan in the early part of the week, before transactions were confirmed at $475 per tonne cfr Taiwan on Wednesday. Buyers lowered their bids to $470-475 per tonne cfr Taiwan on the same day, while offers also fell to $475 per tonne cfr Taiwan.

Buyers concluded transactions at $470 per tonne cfr Taiwan on Friday.

But buyers are increasingly wary of rebounding prices.

“There’s been a bit of an overreaction to the bearish market sentiment so far, so it looks like there may be some price rebounds coming,” a buyer source in Taiwan told Fastmarkets on Wednesday.

This has been supported by perceptions of increasing prices in Turkey, where spot prices have increased to $495-500 per tonne cfr Turkey this week for a number of cargoes sold from the US, Russia and Europe.

Bulk Japanese H1&H2 (50:50) cargoes were offered at $525-535 per tonne cfr Taiwan this week, with the lower end of offers a $10-per-tonne drop from transactions of $535 per tonne cfr Taiwan heard concluded last week.

Limited interest for Japanese scrap was supported by lower bids from a major South Korean blast furnace-based steelmaker, which bids for all grades of Japanese scrap down by ¥1,000-3,000 ($8.78-26.33) per tonne.

Buyers said they would only be interested in purchasing Japanese H1&H2 (50:50) cargoes at $500 per tonne cfr Taiwan, given the large premiums it was offering against containerized scrap from the US.