Posted on 15 May 2024
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 local scrap for transactions over May 13-17 to monitor the market changes this week, a company official confirmed on Tuesday.
For the business discussions till this Friday, the Taiwanese mini-mill continues to offer its 13mm dia rebar at TWD 19,400/tonne ($598/t) EXW, the same level from the prior week, and its buying price for local HMS 1&2 80:20 scrap stays unchanged on week at TWD 10,800/t, according to the official.
Prices of global scrap delivered to Taiwan diverged recently, and local mini-mills in Taiwan would like to hold their procurement prices of local-sourced scrap and rebar list prices to wait and see, Mysteel Global learned.
As of May 13, the price of US-sourced HMS 1&2 80:20 scrap decreased slightly to $353/t CFR Taiwan, losing by $2/t from the previous week, while the price of Japan-origin H2 scrap was reported at $365/t CFR Taiwan, higher by $4/t from two weeks before, according to a local market source. There was no quotation for Japan-origin H2 scrap for the first week of this month due to the public holidays in Japan, as reported.
Besides, finished steel prices in mainland China decreased somewhat over the past week as steel demand from end-users failed to meet market expectations after the country's Labour Day holiday ended on May 5. This also aggravated the wait-and-see sentiment in Taiwan's steel market to some extent, Mysteel Global noted.
As of May 13, the national price of HRB400E 20mm dia rebar in China, a pointer to the country's domestic steel-market sentiment, was assessed by Mysteel at Yuan 3,817/tonne ($527/t) including the 13% VAT, sliding for the fifth consecutive working day or lower by Yuan 28/t from the prior week.
Source:Mysteel Global
