Mysteel Global: Feng Hsin Steel, Taiwan’s largest rebar producer, has decided to cut its rebar list prices and buying prices for local scrap for transactions over March 24-28 to facilitate sales, a company official told Mysteel Global.
With the latest adjustment, the mini-mill is offering its 13mm dia rebar at TWD 18,300/tonne ($554/t) EXW, lower by TWD 200/t on week after staying at TWD 18,500/t for three weeks. At the same time, Feng Hsin’s procurement price for local HMS 1&2 80:20 scrap reaches TWD 9,300/t. down by TWD 200/t from the prior week, according to the official.
Prices of global scrap delivered to Taiwan have been stable of late, with the price of US-sourced HMS 1&2 80:20 scrap staying at $320/t CFR Taiwan as of March 24, the same level as the week before. There was no quotation for Japan-origin H2 scrap over the past week, a local market source said.
However, mini-mills in Taiwan have had to make some concessions in their rebar list prices this past week, as high-priced products struggled to find buyers, the official explained.
Meanwhile, local end-users in Taiwan were reluctant to place new orders over the past week, preferring instead to stay on the sidelines after noting the weakness in rebar prices on the Chinese mainland, Mysteel Global noted.
On March 24, China’s national price of HRB400E 20mm dia rebar, a pointer to China’s steel-market sentiment, was assessed by Mysteel at Yuan 3,365/tonne ($463/t) including the 13% VAT, still lower by Yuan 8/t on week, though it had recovered by Yuan 32/t from the recent low recorded on March 20.
Sentiment in China’s steel market improved to some extent this week as some major steel mills in Northwest China’s Xinjiang declared on March 24 that they would cut crude steel output, an announcement that helped boost the recovery in rebar prices, as Mysteel Global reported.
Note: This article has been written in accordance with a content exchange agreement between Mysteel Global and BigMint.
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