Fastmarkets’ daily price assessment for containerized cargoes of steel scrap, HMS 1&2 (80:20), US material import, cfr main port Taiwan was $250 per tonne on Friday, narrowing upward by $3 per tonne from $247-250 per tonne a day earlier and up from $238-240 per tonne cfr Taiwan on June 5.
Spot prices for containerized cargoes of HMS 1&2 (80:20) from the United States West Coast jumped to $242 per tonne cfr Taiwan early in the week and had climbed to $247-250 per tonne cfr Taiwan by Thursday and to $250 per tonne cfr Taiwan on Friday.
There was talk in the market of small quantities purchased at $250-255 per tonne cfr Taiwan, but most major mills had purchased at $247-250 per tonne cfr Taiwan.
Offers were at $250-255 per tonne cfr Taiwan, with limited quantities in the spot market due to sellers withholding material.
“Whoever offers first will lose in the current market,” a Taiwanese seller said, referring to the bullish price trend in which to sell first would be to lose trading profits.
Sentiment remained bullish because of the latest transactions heard out of the key Turkish import market, which was purchasing imported material at up to $265 per tonne cfr Turkey.
The increasing downstream long steel prices in the domestic Taiwan market also supported spot prices, with rebar being sold at NT$14,100-14,300 ($475.59-482.34) per tonne.
There were transactions at $270-272 per tonne cfr Taiwan for bulk cargoes of Japanese H1&H2 scrap (50:50). They had been offered at $270-280 per tonne cfr Taiwan on Thursday and Friday, down from $280-290 per tonne cfr Taiwan in the earlier part of the week after sentiment subsided, sources said.