- Rebar price roll-over follows 2 weeks of cuts totalling TWD 500/t
- Mills remain cautious amid weak domestic, Chinese rebar demand
Mysteel Global: Feng Hsin Steel, Taiwan’s largest rebar producer, has decided to roll over its rebar list prices and local scrap procurement prices for transactions over 15-19 September to monitor market changes during that period, according to a company official.
For business discussions till this Friday, the mini-mill in Taiwan continues to offer its 13-mm dia rebar at TWD 16,700/tonne (t) ($555/t) exw, taking a pause after the reductions over the prior two weeks that totalled TWD 500/t ($2/t). Its buying price for local HMS 80:20 scrap also stays unchanged w-o-w at TWD 7,800/t ($259/t), the official confirmed.
Prices of global scrap delivered to Taiwan have diverged recently, encouraging local mini-mills to hold their rebar list prices and procurement prices of local scrap to wait-and-see, Mysteel Global learned.
As of 15 September, prices of US-sourced HMS 80:20 scrap were at $303/t CFR Taiwan, down for the third consecutive week by $2/t w-o-w, while that of Japan-origin H2 scrap was heard at $310/t CFR Taiwan, the same level from the previous week, a local market source told Mysteel Global.
Feng Hsin’s decision to keep prices steady reflected the lacklustre rebar demand among Taiwanese end-users currently. In parallel, rebar prices in the Chinese mainland also hovered low recently due to the slower-than-expected recovery in demand and further accumulation in rebar stocks at traders’ warehouses. These factors aggravated the wait-and-watch sentiment in Taiwan’s steel market, Mysteel Global noted.
On 15 September, China’s national price of HRB400E 20-mm dia rebar, a bellwether of the country’s domestic steel market sentiment, was assessed by Mysteel at RMB 3,285/t ($462/t), including the 13% VAT, up by a tiny RMB 3/t ($1/t) from one week before.
Note: This article has been written in accordance with a content exchange agreement between Mysteel Global and BigMint.
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