Taiwan Feng Hsin cuts rebar, scrap prices by 6/t
Feng Hsin Steel, Taiwan’s largest rebar producer headquartered in Taichung in central Taiwan, has decided to cut its list rebar prices and buying prices for loc...
Feng Hsin Steel, Taiwan's largest rebar producer headquartered in Taichung in central Taiwan, has decided to cut its list rebar prices and buying prices for local scrap by TWD 200/tonne ($6.2/t) respectively for the business discussion over October 11-13, a company official confirmed on Wednesday.
Due to the public holiday over October 9-10 in Taiwan, the company postponed its weekly pricing meeting, which is usually held on Monday, to Wednesday, Mysteel Global noted.
After the latest price adjustment, the mini-mill is offering its 13mm dia rebar at TWD 19,500/t for the business till this Friday after keeping the price flat at TWD 19,700/t for seven consecutive weeks, while its buying price for local HMS 1&2 80:20 scrap is also lowered to TWD 11,100/t, according to the official.
The price cut is made partly to reflect the further weakness in the prices of steelmaking raw materials, Mysteel Global learned.
The price of US-sourced HMS 1&2 80:20 scrap is reported at $368/t CFR Taiwan today, lower by $4/t from two weeks earlier, and the price of Japan-origin H2 scrap slips to $368/t CFR Taiwan, losing by $7/t during the same period, according to a local market source.
Besides, finished steel prices in mainland China lost ground after the long holiday over September 29-October 6 to celebrate the country's Mid-Autumn Festival and the National Day, as demand from end-users remained lackluster, which also aggravated the negative sentiment in Taiwan's steel market and put some pressure on local steel prices, Mysteel Global was told.
For example, the national price of HRB400E 20mm dia rebar, a bellwether of domestic steel-market sentiment, was assessed by Mysteel at Yuan 3,800/tonne ($521/t) including the 13% VAT as of October 10, falling by Yuan 41/t from that before the long break.
Written by Nancy Zheng, zhengmm@mysteel.com
Edited by Alyssa Ren, rentingting@mysteel.com
Note: This article has been written in accordance with an article exchange agreement between Mysteel Global and SteelMint.
