The East Asian containerized heavy melting scrap market edged up for the fifth consecutive week, reaching the highest level since June 2014, sources said.
Platts assessed the weekly east Asian containerized HMS I/II 80:20, CFR Taiwan port, scrap price at $370/mt CFR Friday, up $5/mt from a week ago.
Deals were heard being concluded for US-origin containerized HMS I/II 80:20 at $370/mt CFR Taiwan throughout the week, edging up by $5/mt since the previous week, various buyers told S&P Global Platts.
The high prices were supported by lingering market sentiment due to the Section 232 import tariffs, which would take effect March 23, regional trading sources said.
The price of $370/mt CFR Taiwan for containerized HMS I/II 80:20 reached a record high since June 2014, where prices were then hovering around $360/mt, Platts data show.
However, some market participants are feeling mixed sentiments now, and are looking for more direction going ahead, Taiwanese mill sources and traders said.
"Prices may now be at a ceiling. Turkey scrap buying prices are stalled for the week and are rather quiet, and on the other hand, Chinese domestic scrap prices seem to be weakening as well," a source from one of the major Taiwanese mills said, adding that the increase this week is not as large as the price jumps observed in comparison with previous weeks.
