- Feng Hsin lifts rebar prices for late July transactions
- Japan H2 scrap gains, while US HMS remains steady
Mysteel Global: Feng Hsin Steel, Taiwan’s largest rebar producer, has decided to raise its rebar list prices by TWD 300/tonne (t) ($10/t) for transactions over 28 July-1 August, while its procurement prices of local scrap remain unchanged this week, according to a company official.
With the latest adjustment, the Taiwanese mini-mill is offering its 13mm dia rebar higher at TWD 16,500/t ($555/t) EXW, its first price hike since late May, while it continues to pay TWD 7,800/t ($282/t)for local HMS 80:20 scrap, a level unchanged since 14 July, the official confirmed.
Prices of global scrap delivered to Taiwan showed mixed trends in the past week. The price of US-sourced HMS 80:20 scrap stood flat on week at $298/t CFR Taiwan as of 28 July, while that of Japan-origin H2 scrap was reported at $308/t CFR Taiwan, up for the second week by $3/t from the prior week, according to a local market source.
However, rebar prices in the Chinese mainland remained firm overall recently amid the prevailing positive sentiment buoyed by factors such as the launch of the mega-dam project in Southwest China and market expectations for policies to stabilize industrial growth and eliminate excessive competition, as reported.
This lent some support to Taiwan’s steel market and encouraged local mini-mills to raise their rebar list prices accordingly, Mysteel Global noted.
As of 28 July, the national price of HRB400E 20mm dia rebar, a bellwether of China’s domestic steel-market sentiment, was assessed by Mysteel at RMB 3,421/tonne ($477/t) including the 13% VAT, still higher by RMB 37/t ($5/t) on week, though the price had retreated by RMB 50/t ($7/t) compared to the recent high on 25 July with the slowdown in spot sales during the traditional dull season in summer.
Note:This article has been written in accordance with a content exchange agreement between Mysteel Global and BigMint.
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