Taiwan’s largest rebar producer – Feng Hsin Steel – has decided to raise both its rebar list prices and procurement prices for locally-sourced scrap by another TWD 500/tonne ($18/t) over February 23-26, or the second time in the few working days after the Chinese New Year holiday over February 10-16, to reflect the recovery in the global scrap prices, a company official told Mysteel Global on Tuesday.
Feng Hsin, headquartered in Taichung, Central Taiwan, is offering its 13mm dia rebar at a four-week high of TWD 19,100/t EXW for sales until this Friday, and its buying price for locally-sourced HMS 1&2 80:20 scrap has been raised to TWD 10,300/t, according to the official.
“The further increase (in the two prices) was mainly to reflect the strengthening in the global scrap prices and better rebar sales after the holiday,” he explained briefly, sharing that Feng Hsin had received some new rebar orders in the past few days after the first post-holiday price hike last Thursday, suggesting the revival in demand from the end-users as most construction sites in Taiwan have resumed normal operations after the holiday.
Over February 18-22, Feng Hsin lifted its rebar price by TWD 300/t and scrap by TWD 500/t, as the global scrap price has returned to its uptrend after a short pause, and as of February 23, the price of US-sourced HMS 1&2 80:20 scrap hit a five-week high of $415/t CFR Taiwan, or up $25/t from February 18, and that of Japan-origin H2 scrap rose to $430/t CFR Taiwan, or up $20/t, Mysteel Global noted from the sources.
The two mainstream scrap prices were both $55/t higher than the levels in early February before the CNY break, according to the Taiwan sources.
Written by Nancy Zheng, zhengmm@mysteel.com
This article has been published under an article exchange agreement between Mysteel Global and SteelMint Research.
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