For business negotiations till this Friday, the mini-mill continues to offer its 13mm dia rebar at TWD 25,100/tonne ($861/t) EXW, the same level since late March. Its buying price for local HMS 1&2 80:20 scrap also stays unchanged at TWD 15,000/t during the same period, according to the official.
The mini-mill had cancelled its weekly pricing meeting last week, as “the working week was a short due to the public holiday in Taiwan over April 2-5 for the Children’s Day and Tomb-Sweeping Day,” the company official said.
As of April 11, the price of US-sourced HMS 1&2 80:20 scrap had retreated to $570/t CFR Taiwan, down $10/t from the end of March and ending the continuous rally over the prior four weeks. On the other hand, the price of Japan-origin H2 scrap continued to move down after taking a pause in late March, losing another $8/t from two weeks earlier to reach $587/t CFR Taiwan, according to a local market source.
Feng Hsin intends to maintain its rebar list prices and buying prices for locally-sourced scrap this week to monitor the price trend of global scrap in the coming term. This is because demand for finished steel from local end-users may keep firm this month, the traditional peak season for steel consumption following the return of pleasant weather after winter, Mysteel Global learned.
However, steel demand in China remains lackluster for now, due to the ongoing impact of the COVID-19 resurgence in some regions. The daily trading volume of construction steel comprising rebar, wire rod and bar-in-coil among the 237 steel traders across China under Mysteel’s regular survey averaged 176,587 t/d over April 1-10, far below the average of 278,203 t/d recorded one year earlier, 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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