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.
Taiwanese buyers have secured imported containerized ferrous scrap from the United States at lower prices this week.