Domestic scrap shortage and rising global scrap demand and offers made Taiwanese mills raise bids post holidays and annual maintenance. The Davis Index for containerized US-origin HMS 1&2 (80:20) rose by $19/mt to $407/mt cfr Taiwan on Friday. Some traders raised offers to $425/mt from $370/mt week prior. Trades heard at $400/mt cfr on Thursday and $415/mt cfr on Friday, up by $30-45/mt from prior week.
Many traders are expecting a further increase in global scrap prices with strong demand from Turkey and China. Turkish purchase prices rose by $11/mt on Thursday to $420/mt cfr from prior Friday.
In domestic, Feng Hsin raised ferrous scrap bids TWD500/mt($17.9/mt) on Wednesday. Domestic HMS 1&2 (80:20) price on Friday was at TWD10,900-11000/mt delivered Taiwan northern mills.