Prices for containerized Taiwanese scrap imports rose steadily throughout June, but corrected slightly in the last week of the month. The monthly average for June was up 2.7% on May.
According to TSI, June monthly average index for Taiwanese imports of HMS #1&2 80:20 rose by 2.7% month-on-month, equating to a gain of $9.20 a ton.
Pricing rose steadily for the first three weeks of the month, from $352 a ton to $360 a ton, before correcting slightly in the final week. The price rise came about as scrap yards argued inventories were low and scrap flows into yards slow.
International market forces also played a hand in forcing Taiwanese prices up. Taiwanese steel mills, willing and able to pay higher prices, had to raise their bids in order to compete for material.
Export prices from the US also displayed a hike towards the end of the month in anticipation of a strong month for domestic scrap pricing.
Taiwanese mills have been more willing to accept higher scrap costs in recent weeks as they have found it somewhat easier to pass on these costs to their customers than has been the case in recent months.
The monthly average index for North Asian HMS #1 scrap imports gained $11.40 a ton to $374.4 a ton CFR port in June whilst the monthly average index for ASEAN imports of HMS #1&2 80:20 gained $3.80 a ton to $357.80 a ton CFR port (both of these indices are currently under development), TSI added.