Mysteel Global: Feng Hsin Steel, Taiwan’s largest rebar producer headquartered in Taichung in central Taiwan, has decided to roll over its rebar list prices and procurement prices for local scrap for business discussions over August 12-16, according to a company official.
For sales till this Friday, the mini-mill continues to offer its 13mm dia rebar at TWD 18,900/tonne ($583/t) EXW, the same level from the previous week, and its buying price of local HMS 1&2 80:20 scrap also stays unchanged on week at TWD 10,200/t after the price over the prior week, the official told Mysteel Global.
The mini-mill would like to hold the two prices to monitor market changes during this week, as no significant revisions have yet been seen so far in the prices of global scrap delivered to Taiwan.
As of August 12, the price of US-sourced HMS 1&2 80:20 scrap was reported at $345/t CFR Taiwan, losing by $3/t from one week before, and the price of Japan-origin H2 scrap hovered at $360/t CFR Taiwan, being unchanged on week, a local market source said.
Finished steel prices in the Chinese mainland continued to struggle in the downward trend with thin demand from downstream users, which also aggravated the wait-and-see sentiment in Taiwan’s steel market, Mysteel Global noted.
For example, the national price of HRB400E 20mm dia rebar, a pointer to China’s steel-market sentiment, was assessed by Mysteel at Yuan 3,297/tonne ($459/t) including the 13% VAT as of August 12, falling by a marked Yuan 97/t on week and touching the lowest since January 10 2017.
Over August 6-12, daily trading volume of construction steel comprising rebar, wire rod and bar-in-coil among the 237 trading houses under Mysteel’s regular survey even dropped below 100,000 tonnes/day to average 98,960 t/d, lower by 13.3% from the prior week.
Note: This article has been written in accordance with an article exchange agreement between MySteel Global and BigMint.
Leave a Reply