US HMS 80:20 (1 & 2) export price to Taiwan drops further

SPOKANE (Scrap Monster): The US scrap export prices to Taiwan continued to drop during the last week of June, ie., week ended June 27^th. The US scrap suppliers are being forced to reduce the scrap prices owing to slump in sales of rebar and low pricing for square billet.

 The quotes of the US container HMS 80:20 (1&2) to Taiwan reduced to US$355/ton C&F this week. This is when compared with the container scrap offers of US$365/ton during last week. The US scrap suppliers were forced to reduce the offer prices by as much as US$10/ton over the week, owing to poor demand from Taiwanese mills.

Industry sources indicate that sale of rebar has almost stopped in the market.

The Taiwanese steel makers were seen unwilling to purchase at higher prices. Moreover, some Taiwanese mills are reported to have switched to re-rolling billets of Chinese origin as a cheaper option.