Mysteel Global: Feng Hsin Steel, Taiwan’s largest rebar producer, headquartered in Taichung in central Taiwan, has decided to hold its rebar list prices and buying prices for local scrap for transactions over February 24-28 to monitor market changes, according to a company official.
For business negotiations till this Friday, the mini-mill continues to offer its 13mm dia rebar at TWD 18,200/tonne ($555/t) EXW, the same level from the previous week, and its procurement price for local HMS 1&2 80:20 scrap stays unchanged for the second week at TWD 9,200/t, the official confirmed.
Prices of global scrap delivered to Taiwan have shown signs of leveling out recently, driving mini-mills in Taiwan to the sidelines to wait for new market directions in the near term, Mysteel Global has learned.
The price of US-sourced HMS 1&2 80:20 scrap was reported steady on week at $313/t CFR Taiwan as of February 24, ending a month-long upward trend, and the price of Japan-origin H2 scrap also stayed unchanged on week at $320/t CFR Taiwan, according to a local market source.
Rebar prices in the Chinese mainland kept rangebound over the past week with the slow recovery in spot sales and volatile market sentiment, which aggravated the wait-and-see sentiment in Taiwan’s steel market, Mysteel Global noted.
On February 24, China’s national price of HRB400E 20mm dia rebar was assessed by Mysteel at Yuan 3,459/tonne ($477/t) including the 13% VAT, still higher by Yuan 24/t on week despite a slight retreat.
Mysteel’s survey among the 237 trading houses nationwide under its tracking showed that their daily trading volume of construction steel comprising rebar, wire rod and bar-in-coil combined at 95,136 tonnes/day on February 24, down for the second working day by 4,270 t/d from February 21.
Note: This article has been written in accordance with a content exchange agreement between Mysteel Global and BigMint.
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