- US-origin HMS 80:20 assessed at $330/t CFR
- Weak spot rebar demand limits market activity
Taiwan’s largest rebar producer, Feng Hsin Steel, headquartered in Taichung in central Taiwan, has decided to hold its rebar list price and buying price of local scrap unchanged for another week of transactions over 3 Aug – 7 Aug as it monitors market developments, according to a company official.
For business discussions through this Friday, Feng Hsin’s offer for its 13mm-diameter rebar stays unchanged on week at TWD 17,800/tonne (t) ($552/t) EXW, while the mini-mill’s buying price for local HMS 80:20 scrap is also pegged flat at TWD 9,200/t ($285/t), the official confirmed.
Prices of global steel scrap delivered to Taiwan have remained stable recently, lending local mini-mills some confidence to hold firm rebar offers, despite depressed spot rebar sales on the island, Mysteel Global noted.
As of 3 Aug, the US-origin HMS 80:20 scrap price came in at $330/t CFR Taiwan, the same level as one week before, while the price of Japan-origin H2 scrap was reported at $350/t CFR Taiwan, also flat on week, according to a market source in Taiwan.
On the contrary, rebar prices in the Chinese mainland continued to trend downward in the past week as market sentiment weakened amid easing cost support from the falling steelmaking raw material prices and persistently weak end-user demand during the traditional summer lull.
On 3 Aug, China’s national price of HRB400E 20mm rebar was assessed by Mysteel at a nine-month low of RMB 3,216/tonne ($477/t) including 13% VAT, down by RMB 55/t ($8/t) from one week earlier.
The same day, Mysteel SEADEX 62% Australian Fines settled at $95/t CFR Qingdao, down by $4/t compared with one week ago, while the national composite coke price under Mysteel’s assessment also declined by RMB 54/t ($8/t) on week to RMB 1,740/t ($258/t) including the 13% VAT.
Note: This article has been published in accordance with a content exchange agreement between Mysteel Global and BigMint.
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