- Taiwan rebar prices reach two-month high
- US HMS 80:20 rises $2/t w-o-w to $334/t CFR
Taiwan’s largest rebar producer, Feng Hsin Steel, headquartered in Taichung in central Taiwan, has decided to lift its rebar list price and buying price of local scrap further for transactions over 7-11 September, according to a company official.
With the latest adjustments, the Taiwanese mini-mill is offering its 13mm-diameter rebar at a two-month high of TWD 18,100/tonne (t) ($575/t) Exw for business discussions through this Friday, rising for the second week by TWD 300/t ($10/t) on week.
Meanwhile, Feng Hsin’s buying price for local HMS 80:20 scrap reached TWD 9,600/t ($305/t), increasing by TWD 200/t ($6/t) from the prior week and marking the highest level since early July, the official confirmed.
Prices of global scrap delivered to Taiwan edged higher in the past week, lifting production costs of mini-mills on the island and prompting them to hike their rebar list prices and buying prices for local scrap accordingly, Mysteel Global noted.
As of 7 September, the US-origin HMS 80:20 scrap price was reported at $334/t CFR Taiwan, up for the second week by $2/t on week, while the price of Japan-origin H2 scrap registered $360/t CFR Taiwan, higher by a marked $10/t compared with one month earlier, according to a market source in Taiwan. No quotation for Japanese H2 scrap had been available during the past month, as reported.
However, rebar prices in the Chinese mainland softened amid lacklustre demand from end-users, despite continued cost support from firming prices of major steelmaking raw materials such as coking coal and coke.
As of 7 September, China’s national price of HRB400E 20mm rebar under Mysteel’s assessment came in at RMB 3,338/t ($498/t) including the 13% VAT, down by RMB 12/t ($2/t) from one week before.
Spot transactions of construction steel in the Chinese market remained dull, with the combined daily trading volume of rebar, wire rod and bar-in-coil among the 237 trading houses nationwide under Mysteel’s tracking averaging 88,998 t/day over 1-7 September, lower by 5,419 t/d or 6% on week.
Note: This article has been published in accordance with a content exchange agreement between Mysteel Global and BigMint.
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