Feng Hsin Steel, Taiwan’s largest rebar producer headquartered in Taichung, Central Taiwan, has decided to roll over its rebar list price and buying price for locally sourced scrap over August 23-27 to monitor market changes, a company official confirmed on Monday.
Therefore, for the business till this Friday, Feng Hisn’s list price for 13mm dia rebar remains unchanged on the week at TWD 22,600/tonne ($808/t) EXW, taking a pause after the cuts over the prior two weeks which saw a total of TWD 600/t clipped from the price. The mini-mills buying price for local HMS 1&2 80:20 scrap also stays at TWD 11,400/t after the previous week’s fall of TWD 200/t, according to the official.
“We will continue to give some discounts in actual trading this week to attract buyers, given the mediocre sales last week, though scrap prices in the global market have shown some signs of recovery,” the official told Mysteel Global.
As of August 23, the price of US-sourced HMS 1&2 80:20 scrap was reported at $450/t CFR Taiwan, up $12/t on week after the total drop of $32/t over the prior month, and that of Japan-origin H2 scrap posted a larger on-week rise of $20/t from two weeks earlier to $480/t CFR Taiwan, local market sources said.
No offers of Japan-origin H2 scrap were confirmed last week as many Japanese companies had halted business over August 11-17 to celebrate the Bon Festival, as reported.
As for China’s market, scrap prices decreased further driven by the weakness in finished steel prices and the increased stocks at steelmakers’ yards. Shagang Group, China’s leading electric-arc-furnace steelmaker headquartered in East China’s Jiangsu province, cut its steel scrap procurement price for the third time this month, clipping another Yuan 50/tonne ($7.7/t) off all grades of scrap supplies effective August 19, as Mysteel Global reported.
China’s national price of HRB400E 20mm dia rebar, a barometer of China’s steel market, fell for the seventh working day to Yuan 5,245/t including the 13% VAT as of August 20, or down Yuan 115/t on the week, according to Mysteel’s assessment.
Written by Nancy Zheng, zhengmm@mysteel.com
This article has been published under an article exchange agreement between Mysteel Global and SteelMint.
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