- Feng Hsin cuts rebar prices but holds scrap steady
- Mills reduce rebar prices amid thin demand
Mysteel Global: Feng Hsin Steel, Taiwan’s largest rebar producer, has decided to cut its rebar list prices by TWD 300/tonne m (t) ($10/t) for transactions over 30 June to 4 July, while the company would like to hold its buying prices of local scrap after the price cut of TWD 200/t on 28 June, according to a company official.
With the latest adjustment, the mini-mills is offering its 13mm dia rebar at TWD 16,400/t ($566/t)Exw for business discussions till this Friday, and its buying price of local HMS 80:20 scrap stands at TWD 8,000/t ($276/t), the official confirmed.
Prices of global scrap delivered to Taiwan remained weak overall, which could not lend too much support to the prices of scrap and rebar in Taiwan, Mysteel Global noted.
As of 30 June, the price of US-sourced HMS 80:20 scrap was reported at $295/t CFR Taiwan, the same level as the previous week, while the price of Japan-origin H2 scrap continued to move down to $311/t CFR Taiwan, slipping for the third consecutive week by $2/t on week, according to a local market source.
Considering thin demand from local end-users, mini-mills in Taiwan had to make some concessions in their rebar list prices to facilitate sales, Mysteel Global was told.
Spot rebar prices in the Chinese mainland kept rangebound at low levels over the past week, weighed down by sluggish downstream demand during the summer lull, as outdoor construction activities were hampered by frequent heat waves and heavy rains, Mysteel Global noted.
As of 30 June, the national price of HRB400E 20mm dia rebar, a bellwether of domestic steel-market sentiment, was assessed by Mysteel at RMB 3,211/t ($448/t) including the 13% VAT, slightly higher by RMB 4/t ($1/t) from one week earlier.
Note: This article has been written in accordance with a content exchange agreement between Mysteel Global and BigMint.
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