- US and Japan scrap import prices firm
- China rebar prices strengthen after Lantern Festival
Mysteel Global: Feng Hsin Steel, Taiwan’s largest rebar producer headquartered in Taichung in central Taiwan, has decided to raise its rebar list prices and buying prices of local scrap for transactions over 9 March-13 March to reflect higher production costs, according to a company official.
With the latest adjustment, the Taiwanese mini-mill is offering its 13mm-diameter rebar at TWD 17,500/tonne (t) ($552/t) EXW for business negotiations till this Friday, higher by TWD 300/t (9/t) on week, while its buying price for local HMS 80:20 scrap reaches TWD 9,000/t ($284/t) for an on-week rise of TWD 200/t ($6/t), the official confirmed.
Prices of global scrap delivered to Taiwan have increased, lifting the production costs of local mini-mills and encouraging them to raise their rebar list prices accordingly, Mysteel Global learned.
As of 9 March, the price of US-sourced HMS 80:20 scrap was reported at $328/t CFR Taiwan, higher by $6/t from two weeks earlier, while that of Japan-origin H2 scrap was at $338/t, making for a rise of $11/t compared with one month before, according to a local market source in Taiwan.
Rebar prices in the Chinese mainland have also strengthened recently, mainly thanks to the support from costs and from the further recovery in demand from end-users after the Lantern Festival on 3 March, Mysteel Global noted.
As of 9 March, China’s national price of HRB400E 20mm rebar-an indicator of domestic steel-market sentiment-was assessed by Mysteel at RMB 3,324/t ($484/t) including 13% VAT, increasing by RMB 21/t ($4/t) from one week before.
On Monday, the combined daily trading volume of construction steel comprising rebar, wire rod and bar-in-coil among the 237 trading houses nationwide under Mysteel’s tracking registered 116,169 t/day, jumping by 72,282 t/d compared with that on 2 March-the first day that Mysteel released survey results after the CNY break.
Note: This article has been written in accordance with a content exchange agreement between Mysteel Global and BigMint.
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