- Taiwan’s imported scrap tags rise, lifting mills’ output costs
- Chinese rebar prices strengthen amid production restrictions
Mysteel Global: Feng Hsin Steel, Taiwan’s largest rebar producer, has decided to lift its rebar list prices and procurement prices of local scrap again for transactions over 11-15 August due to firming production costs, according to a company official.
With the latest adjustment, the mini-mill is offering its 13-mm dia rebar at TWD 17,200/tonne (t) ($575/t) exw for business discussions till this Friday, up for the second week by TWD 200/t ($7/t) w-o-w. The company’s buying price of local HMS 80:20 was raised to TWD 8,300/t ($277/t) with a w-o-w rise of TWD 200/t ($7/t), the official confirmed.
Global scrap prices delivered to Taiwan maintained the uptrend, driving up production costs for mini-mills on the island and lending some support to local rebar prices, Mysteel Global learnt.
As of 11 August, prices of US-sourced HMS 80:20 were at $305/t CFR Taiwan, increasing by $5/t from a week prior, and that of Japan-origin H2 scrap came in at $310/t CFR Taiwan, up by $2/t w-o-w, according to a local market source.
Besides, rebar prices in the Chinese mainland regained some strength lately, which also boosted positive sentiment in Taiwan’s steel market and encouraged local mini-mills to raise their rebar list prices further, Mysteel Global learnt.
As of 11 August, the national price of HRB400E 20-mm dia rebar, a bellwether of China’s domestic steel-market sentiment, was assessed by Mysteel at RMB 3,408/t ($474/t) including the 13% VAT, higher by RMB 33/t ($6/t) from one week before.
The firming of steel prices in the Chinese mainland has been supported by market news that some independent steel rolling mills in Tangshan will halt operations in the coming weeks to improve air quality before a series of ceremonial events held in Beijing on 3 September.
Note: This article has been written in accordance with a content exchange agreement between Mysteel Global and BigMint.
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