For business deals till this Friday, Feng Hsin will continue to offer its 13mm dia rebar price at TWD 21,500/tonne ($772/t) EXW, being unchanged on week after the continuous fall over the prior two weeks for a total decrease of TWD 800/t, as Mysteel Global reported. The mini-mill’s procurement price for local HMS 1&2 80:20 scrap also stays the same at TWD 11,700/t for the sixth consecutive week.
The mini-mill is holding the two prices this week while it adopts a wait-and-see stance, as “rebar sales improved significantly last week, thanks to the big discount we offered our customers,” the company official said.
This was despite the fact that Taiwan’s imported scrap prices weakened further over the past week. As of December 20, the price of US-sourced HMS 1&2 80:20 scrap was assessed at $445/t CFR Taiwan, down another $7/t from one week earlier, while the price for Japan-origin H2 scrap declined for the third week by another $5/t on week to $475/t CFR Taiwan, according to the Taiwanese market source.
Scrap prices in China kept rising recently with the firm demand from Chinese steel mills and the limited scrap supply in winter, factors which persuaded major steel mills to lift their procurement prices to encourage deliveries, Mysteel Global noted.
For example, Shagang Group, China’s leading electric-arc-furnace steel producer, has raised its steel scrap buying price for the second time this month by another Yuan 100/tonne ($15.7/t) effective December 16, as Mysteel Global reported.
Written by Nancy Zheng, zhengmm@mysteel.com
This article has been published under an exchange agreement between MySteel Global and SteelMint.
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