Taiwan’s ferrous scrap imports dipped by 2pc in January 2021 from a year ago to to 250,633mt and grew by 18pc from December 2020 amid improving steel demand and restocking ahead of Lunar New Year holidays.
Scrap imports from top supplier US fell by 39pc in January to 93,526mt from a year ago, while it improved by 7pc from December. Imports from Japan rose substantially to 71,947mt, up by 177pc from a year ago, similarly imports from short transit Asian destination including Hong Kong and South Korea rose by 101pc and 538pc, to 11,590mt and 5,093mt, due to high offers from US-based exporters amid container shortage and vessel delays. Imports from Australia fell by 68pc from a year ago.
Taiwanese buyers also increased purchase of South American-origin scrap to avoid high US offers with imports from countries like Dominican Republic and Venezuela up 39pc and 699pc from a year ago.
| Taiwan’s ferrous scrap import in January (mt) | |||||
|---|---|---|---|---|---|
| Top exporters | Jan-21 | Dec-20 | Change MoM | Jan-20 | Change YoY |
| United States | 93,526 | 87,245 | 7pc | 1,53,555 | -39pc |
| Japan | 71,947 | 46,947 | 53pc | 25,996 | 177pc |
| Canada | 17,598 | 17,262 | 2pc | 14,616 | 20pc |
| Hong Kong | 11,590 | 8,075 | 44pc | 5,780 | 101pc |
| Dominican Rep. | 9,313 | 8,769 | 6pc | 6,708 | 39pc |
| South Korea | 5,093 | 2,302 | 121pc | 798 | 538pc |
| Australia | 4,733 | 8,682 | -45pc | 15,004 | -68pc |
| Mexico | 3,689 | 4,215 | -12pc | 2,673 | 38pc |
| Venezuela | 3,508 | 3,173 | 11pc | 439 | 699pc |
| Netherlands | 3,282 | 2,130 | 54pc | 2,216 | 48pc |
| Others | 26,354 | 23,011 | 15pc | 27,171 | -3pc |
| Total | 2,50,633 | 2,11,811 | 18pc | 2,54,956 | -2pc |
Compared to December, Taiwanese buyer brought higher volumes of scrap from Korea, Japan and Netherland, up by 121pc, 53pc and 54pc, while imports from Australia and Mexico dropped by 45pc and 12pc, respectively.
In January, Taiwanese mills avoided higher-priced scrap amid limited room for finished steel price hike. Most mills relied on domestic scrap also to avoid the delays in seaborne trade amid shortage of empty containers and lack of vessel space.