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 April 22-26 to monitor the market changes, Mysteel Global learned.
For the business discussions till this Friday, the mini-mill continues to offer its 13mm dia rebar at TWD 19,700/tonne ($603/t) EXW, and its buying price for local HMS 1&2 80:20 scrap also stays unchanged on week at TWD 11,100/t, according to a company official.
Prices of global scrap delivered to Taiwan decreased slightly over the past week, with the price of US-sourced HMS 1&2 80:20 scrap down by $2/t from one week before to $363/t CFR Taiwan as of April 22, while the price of Japan-origin H2 scrap also declined by $3/t on week to reach $365/t CFR Taiwan, a local market source told Mysteel Global.
Feng Hsin holds its rebar list prices to monitor market changes this week, mainly considering the steady demand from local downstream users.
In parallel, finished steel prices in maintained China moved up further last week, which also gave Taiwan’s steel mills some confidence to hold firm their rebar list prices to wait and see for the moment, Mysteel Global noted.
As of April 19, China’s national price of HRB400E 20mm dia rebar, a bellwether of domestic steel-market sentiment, was assessed by Mysteel at Yuan 3,812/tonne ($526/t) including the 13% VAT, higher by Yuan 104/t from one week earlier.
With the rise in steel prices, Chinese steel mills had to raise their scrap buying prices so as to encourage domestic scrap suppliers to increase their deliveries.
Shagang Group, China’s largest electric-arc-furnace steelmaker headquartered in East China’s Jiangsu, has decided to increase its steel scrap buying prices by another Yuan 80/t effective for deliveries from April 23 after its prior hike of Yuan 50/t on April 12, Mysteel has learned.
Note: This article has been written in accordance with an article exchange agreement between MySteel Global and BigMint.