Feng Hsin Steel, Taiwan’s largest rebar producer headquartered in Taichung in central Taiwan, has decided to raise its rebar list prices and buying prices for locally-sourced scrap by TWD 200/tonne ($6.5/t) on week for transactions over March 1-3, mainly to reflect the rise in global scrap prices and better rebar sales in the local market, a company official confirmed on Wednesday.
The mini-mill convened its weekly pricing meeting on Wednesday this week instead of the usual Monday, due to the public holiday in Taiwan over February 27-28, Mysteel Global learned.
With the latest adjustments, the mini-mill is offering its 13mm dia rebar at TWD 20,800/t EXW for business deals till this Friday, according to the official. Feng Hsin’s buying price for local HMS 1&2 80:20 scrap recovers to TWD 12,000/t after the decreases announced over the prior two weeks.
“Scrap prices in the global market resumed rising last week, lending some support to Taiwan’s steel market and boosting rebar sales,” the official explained.
As of March 1, the price of US-sourced HMS 1&2 80:20 material was at $415/t CFR Taiwan, up $5/t from the previous week, while the price of Japan-origin H2 scrap posted a larger on-week rise of $10/t to reach $435/t CFR Taiwan, according to a local market source.
However, Feng Hisn’s official was less confident about the steel market in Taiwan going forward, saying that demand from local end-users may not be as good as last year.
As for the steel market in mainland China, rebar prices retreated somewhat this week with the wait-and-see sentiment taking hold in the domestic market. As of February 28, the national price of HRB400E 20mm dia rebar, a bellwether of domestic steel-market sentiment, was assessed by Mysteel at Yuan 4,307/tonne ($624/t) including the 13% VAT, lower by Yuan 26/t from one week earlier.
Written by Nancy Zheng, zhengmm@mysteel.com
Edited by Zhenqi Yang, yangzhenqi@mysteel.com
This article has been published under an article exchange agreement between Mysteel Global and SteelMint.
Leave a Reply