The mini-mill convened its weekly pricing meeting on Tuesday this week – instead of the usual Monday – due to the public holiday in Taiwan on February 28, Mysteel Global noted.
For business negotiations till this Friday, the mini-mill continues to offer its list price for 13mm dia rebar at TWD 22,300/tonne ($795/t) EXW, the same level as during the previous week, while its buying price for local HMS 1&2 80:20 scrap also remains unchanged on week at TWD 12,800/t, according to the official.
Scrap prices in the global market are stable, persuading Taiwan’s mini-mills to hold their rebar list prices steady for now in wait-and-see mode, Mysteel Global learned.
As of March 1, the price of US-sourced HMS 1&2 80:20 scrap registered $490/t CFR Taiwan, unchanged on week. Similarly, the price of Japan-origin H2 scrap also stayed at $534/t CFR Taiwan for the third week, according to a local market source.
“Scrap prices in the global market still have some impetus to strengthen further in the coming term,” the Feng Hsin official told Mysteel Global, adding that some mini-mills in Taiwan may take restrictive measures on sales, leveraging the support of the positive sentiment about global scrap prices.
However, scrap prices in China softened somewhat last week with the weakness in finished steel prices and the increase in scrap stocks held by Chinese steel mills, Mysteel Global noted.
Mysteel’s steel scrap price index had dipped to Yuan 3,626.7/tonne ($575/t) on delivery and including the 13% VAT as of March 1, down Yuan 26.9/t from one week earlier, according to the database.
Written by Nancy Zheng, zhengmm@mysteel.com
This article has been published under and exchange agreement between MySteel Global and SteelMint.
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