Taiwan Feng Hsin cuts rebar list prices by $16/t
Feng Hsin Steel, Taiwan’s largest rebar producer headquartered in Taichung in central Taiwan, has decided to cut its rebar list prices by TWD 500/tonne ($15.9/t...
Feng Hsin Steel, Taiwan's largest rebar producer headquartered in Taichung in central Taiwan, has decided to cut its rebar list prices by TWD 500/tonne ($15.9/t) for local sales over September 19-23 to reflect the decrease in global scrap prices and the weakness in local rebar sales, a company official confirmed on Tuesday.
With the latest adjustment, the mini-mill is offering its 13mm dia rebar at TWD 20,400/t EXW in business discussions till this Friday, while its buying price for local HMS 1&2 80:20 scrap keeps stable at TWD 10,600/t after last Friday's price cut of TWD 300/t, according to the official.
The mini-mill decided its policy as prices of scrap exported to Taiwan had weakened further last week, aggravating the wait-and-see sentiment of local market participants, Mysteel Global was told.
As of September 19, the price of US-sourced HMS 1&2 80:20 scrap was at $360/t CFR Taiwan, sliding for the second week by a sharper of $20/t on week, as against the on-week fall of $5/t over the prior week. In parallel, that of Japan-origin H2 scrap also dropped by $15/t during the same period to reach $385/t CFR Taiwan, a local market source said.
Finished steel sales in Taiwan slowed down in response to the continuous decrease in global scrap prices, Mysteel Global noted. "Many end-users prefer to stay on the sidelines and to wait for a further decrease in rebar prices when global scrap prices are trending downward," the official explained.
Chinese rebar prices also softened over the past week as transactions in the physical market remained lackluster with the cautious sentiment of steel users. As of September 19, the national price of HRB400E 20mm dia rebar was assessed by Mysteel at Yuan 4,114/tonne ($587/t) including the 13% VAT, losing Yuan 30/t from that on September 13.
Written by Nancy Zheng, zhengmm@mysteel.com
Edited by Zhenqi Yang, yangzhenqi@mysteel.com
This article has been published under an article exchange agreement between Mysteel Global and SteelMint.
