Mysteel Global: Feng Hsin Steel, Taiwan’s largest rebar producer, has decided to roll over its rebar list prices and procurement prices of local scrap for transactions over April 21-25 to monitor the market changes during this week, according to a company official.
For business discussions till this Friday, the mini-mill continues to offer its 13mm dia rebar at TWD 17,800/tonne ($548/t) EXW, and its procurement price for local HMS 1&2 80:20 scrap also stays unchanged on week at TWD 8,800/t, the company official confirmed.
Feng Hsin is adopting a wait-and-see approach and is in no rush to further adjust its pricing, since it already trimmed its rebar list prices and local scrap procurement prices by a total of TWD 700/t and TWD 500/t respectively since late March.
The prices of global scrap delivered to Taiwan declined continuously in the past week, Mysteel Global noted. As of April 21, the price of US-sourced HMS 1&2 80:20 scrap was reported at $303/t CFR Taiwan, down by $5/t from one week before, and the price of Japan-origin H2 scrap slipped continuously by another $10/t on week to reach $315/t CFR Taiwan, according to a local market source.
Meanwhile, Taiwan’s rebar demand remained weak overall, as downstream users on the island were cautious about placing new orders of rebar given the uncertainty surrounding the global macroeconomic situation. Besides, rebar prices in Chinese mainland have been hovering at a low level, persuading many market participants in Taiwan to stand on the sidelines, Mysteel Global learned.
As of April 21, the national price of HRB400E 20mm dia rebar, a pointer to China’s steel-market sentiment, was assessed by Mysteel at Yuan 3,301/tonne ($452/t) including the 13% VAT, inching up by Yuan 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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