Prices for containerized Taiwanese imports of HMS # 1&2 80:20 advanced further by $7 a ton to $232 a ton CFR Taiwan port in the week ended March 20, as per the latest figures from The Steel Index.
The main reason behind this rise is the resumption of Japanese scrap buying by Korean mills, leading to a shortage of material available to Taiwanese buyers.
With the cheaper Japanese scrap no longer plentiful, deals were concluded at higher levels. There remains a significant bid-offer gap, however, meaning both buyers and sellers have been unwilling to commit to large quantities.
As far as sellers are concerned, a tight supply will lead to higher prices, whereas buyers continue to point to low iron ore prices and weak global demand as reasons for the price to stay low.
(This article is compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments to editor@scrapregister.com)
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