Posted on 08 Jun 2022
Feng Hsin Steel, Taiwan's largest rebar producer headquartered in Taichung in central Taiwan, has decided to roll over its rebar list prices and procurement prices for locally-sourced scrap for the third week over June 6-10 to monitor the market movement, a company official confirmed on June 7.
For business discussions till this Friday, the mini-mill continues to offer its 13mm dia rebar at TWD 23,300/tonne ($790/t) EXW, and its buying price for local HMS 1&2 80:20 scrap also keeps stable on week at TWD 13,000/t this week, according to the official.
The mini-mill in Taiwan is in no hurry to adjust its rebar list price and procurement price for locally-sourced scrap this week, as the price trend of global scrap is unclear for the moment, Mysteel Global learned.
As of June 6, the price of US-sourced HMS 1&2 80:20 scrap was reported at $435/t CFR Taiwan, the same level from one week before, and the price of Japan-origin H2 scrap returned to the downtrend again after the short-lived rise over the prior week, down $3/t on week to $475/t CFR Taiwan, according to a market source in Taiwan.
"Taiwan's finished steel market remained quiet last week, as end-users preferred to wait and see considering the uncertainty in global scrap prices," the company official explained.
Besides, the lower prices of billet and hot-rolled coil (HRC) in the global market also placed great pressure on Taiwan's finished steel prices, aggravating the wait-and-see sentiment in Taiwan, he added.
As for Chinese steel market, the prices recovered gradually last week thanks to improved market sentiment with the lifting of the COVID-related lockdown in Shanghai since June 1, coupled with central government measures to boost the national economy, Mysteel Global noted.
For example, China's national price of HRB400E 20mm dia rebar under Mysteel's assessment had moved up for the sixth working day to Yuan 4,854/tonne ($728/t) including the 13% VAT as of June 6, or higher by Yuan 76/t on week.
Source:Mysteel Global
