Feng Hsin Steel, Taiwan’s largest rebar producer headquartered in Taichung in central Taiwan, has decided to keep its rebar list prices and procurement prices for local scrap stable for transactions over June 24-28 to monitor the market changes, a company official confirmed on Tuesday.
For business discussions till this Friday, the mini-mill continues to offer its 13mm dia rebar at TWD 19,100/tonne ($590/t) EXW, unchanged since the start of this month, and its procurement price of local HMS 1&2 80:20 scrap stays unchanged on week at TWD 10,500/t, according to the official.
Mini-mills in Taiwan are in no hurry to adjust their buying prices for local scrap and their rebar list prices after noting the stable prices of global scrap delivered to Taiwan, Mysteel Global learned.
As of June 24, the price of US-sourced HMS 1&2 80:20 scrap came in at $345/t CFR Taiwan, the same level from the previous week, while the price of Japan-origin H2 scrap stayed at $357/t CFR Taiwan, also unchanged since the beginning of this month, according to a local market source.
Besides, Taiwan’s rebar consumption has slowed recently, as progress on local construction projects has been interrupted by the frequent rainfalls there. This also aggravated the wait-and-see sentiment in Taiwan’s steel market, Mysteel Global noted.
Finished steel prices on the Chinese mainland struggled over the past week from the dip in sales in the physical market during the slow summer season for steel consumption in summer with high temperatures and frequent rains in most regions.
For example, China’s national price of HRB400E 20mm dia rebar, a pointer to steel-market sentiment, was assessed by Mysteel at Yuan 3,632/tonne ($500/t) including the 13% VAT as of June 24, falling by Yuan 75/t on week and recording the lowest since April 9.
Note: This article has been written in accordance with an article exchange agreement between MySteel Global and BigMint.
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