Sustained demand for containerized ferrous scrap imports in the key Taiwanese market should continue to support prices in the near term, market sources told Fastmarkets.
Fastmarkets’ daily price assessment for containerized steel scrap, HMS 1&2 (80:20), United States material import, cfr main port Taiwan was $425-430 per tonne on Friday April 23, unchanged from a day earlier but widening downward by $5 per tonne from $430 per tonne on April 16.
There were multiple transactions concluded at $425-428 per tonne cfr Taiwan in the middle of the week with major steel mills purchasing cargoes offered at low prices by traders.
Sellers had been quick to sell off cargoes amid lower spot prices in Turkey, thinking that the ongoing Islamic holy month of Ramadan would continue to dampen prices.