Asian regional domestic scrap prices were heard mostly rangebound week over week, while Taiwan’s domestic scrap saw a price increase. South Korea and Malaysia scrap prices were heard rangebound week over week after the holidays, according to data from Platts, part of S&P Global Energy.

In South Korea, the price of H2-equivalent Light A grade scrap was heard rangebound week over week at Won 355,000/mt ($245/mt) and at Won 390,000/mt ($270/mt) Jan. 7.

Platts assessed the weekly H2 ferrous scrap price down Yen 750/mt week over week at Yen 43,550/mt ($278/mt) FOB Tokyo Bay Jan. 7.

Heavy A scrap prices were heard rangebound week over weekat Won 385,000/mt ($266/mt) and at Won 400,000/mt ($283/ mt) Jan. 7.

Market participants anticipated a rise in domestic scrap prices in the near term amid tight scrap supply conditions.

“There is still a shortage of [scrap] collection due to poor demolition as well as tight supply of factory scrap,” said a South Korea-based trader.

In addition to tight scrap collection, expectations of increased demand for domestic scrap further supported domestic scrap prices. Some South Korean mills were heard looking to export rebar and billet against a backdrop of sluggish domestic demand, further bolstering support for domestic scrap prices, according to market participants.

“There’s a possibility to increase [domestic scrap] prices soon anyway, because makers are producing billet and rebar for exporting,” said an Indonesia-based mill source.

“Domestic [scrap] handlers are expecting further price increase from mills,” the first trader added. “The market expects mills to increase purchasing [scrap] stock, but there is low generation, and this may trigger the price spike.”

In Malaysia, domestic scrap prices were heard remaining stable amid restocking activity ahead of Lunar New Year in February.

“Steel mills need to build their scrap metal inventory for production during the Lunar New Year,” said a Malaysianbased trader.

The same trader also expects some fluctuations in domestic scrap prices in the near term.

“I think scrap metal will fluctuate between $30/mt as demand for steel bar will turn weaker when it is nearer to Lunar New Year as well,” the same trader added.

Malaysia’s Kuantan Bonus scrap prices were heard remaining stable week over week at MR1,350/mt ($333/mt) Jan. 7.