Mysteel Global: Feng Hsin Steel, Taiwan’s largest rebar producer, headquartered in Taichung in central Taiwan, has decided to roll over its rebar list prices for transactions over February 10-14, while its buying prices for local scrap have been raised in response to the further growth in global scrap prices, according to a company official.
For business negotiations till this Friday, the mini-mill continues to offer its 13mm dia rebar at TWD 18,000/tonne ($548/t) EXW, the same level as one week before, while its procurement price for local HMS 1&2 80:20 scrap reaches TWD 9,200/t with an on-week rise of TWD 300/t, the official confirmed.
Prices of global scrap delivered to Taiwan strengthened further, persuading local mini-mills on the island to lift their procurement prices of steel scrap accordingly to encourage deliveries.
As of February 10, the price of US-sourced HMS 1&2 80:20 scrap came in at $310/t CFR Taiwan, rising for the second week by another $5/t from the prior week. During the same period, the price of Japan-origin H2 scrap posted a sharper on-week increase of $10/t to reach $315/t CFR Taiwan, according to a local market source.
However, Feng Hsin is in no hurry to adjust its rebar list prices for business discussions this week, as demand from downstream users has not fully recovered, and rebar sales in the spot market remain dull recently, the company official told Mysteel Global.
Rebar prices in the Chinese mainland softened somewhat this week, as spot transactions for the long steel item were still limited when many end-users have yet to resume operations before the Lantern Festival on February 12.
On Monday, the national price of HRB400E 20mm dia rebar was assessed by Mysteel at Yuan 3,479/tonne ($476/t) including the 13% VAT, losing by Yuan 2/t from that on February 5, the first working day after the CNY break.
Note: This article has been written in accordance with a content exchange agreement between Mysteel Global and BigMint.
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