With the latest price adjustment, the mini-mill’s list price for 13mm dia rebar reaches TWD 25,100/t EXW, increasing for the third week by another TWD 700/t from the previous week. The company’s buying price for local HMS 1&2 80:20 scrap gains TWD 500/t on week to TWD 15,000/t, according to the official.
The prices of ferrous scrap imported to Taiwan have kept firm over the past week, encouraging local mini-mills to lift their procurement prices for local scrap, Mysteel Global learned.
As of March 21, the price of US-sourced HMS 1&2 80:20 scrap rose by another $15/t on week to $570/t CFR Taiwan, up for the third consecutive week, with the total increasing reaching $80/t, while the price of Japan-origin H2 scrap retreated somewhat to $595/t CFR Taiwan, down $15/t on week after the surge over the prior week, according to a local market source.
Nevertheless, the growth in Feng Hsin’s rebar list prices is still faster than that for locally-sourced scrap, as March is the traditional peak season for steel consumption in Taiwan with the arrival of pleasant weather. “Demand from end-users remains robust, so far,” the official said.
Steel demand in China was not as strong as expected, as end-users in some regions where new COVID cases were found have suspended operation in response to local government measures introduced to contain the virus spread, as Mysteel Global reported.
Mysteel’s survey among the 237 steel traders across China showed that over March 15-21, the daily trading volume of construction steel comprising rebar, wire rod and bar-in-coil only averaged 161,859 tonnes/day, much lower than the average of more than 200,000 t/d during the peak season.
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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