Taiwan: Feng Hsin further lifts rebar, scrap prices
Feng Hsin Steel, Taiwan’s largest rebar producer headquartered in Taichung in central Taiwan, has decided to lift its rebar list prices and buying prices of loc...
With the latest adjustment, Feng Hsin is offering its 13mm dia rebar at TWD 20,300/tonne ($659) EXW for business discussions till this Friday, up by another TWD 200/t from the prior week, or higher by TWD 1,100/t on month, while its buying price for local HMS 1&2 80:20 scrap has been hiked by TWD 200/t on week, or TWD 1,200/t on month, to TWD 11,200/t during this week, according to the official.
Scrap prices in global markets strengthened further last week, persuading local mini-mills in Taiwan to lift their buying prices for locally-sourced scrap to encourage deliveries, and to hike their rebar list prices accordingly to reflect their higher production costs, Mysteel Global was told.
As of December 19, the price of US-sourced HMS 1&2 80:20 material was reported at $375/t CFR Taiwan, increasing for the fourth week by another $10/t from one week before, with the total rise reaching $50/t over the prior one month, according to a local market source. During the same period, the price of Japan-origin H2 scrap took a pause after growing for three weeks, staying unchanged on week at $395/t CFR Taiwan.
Besides, local contractors in Taiwan usually accelerate their pace of construction during the last quarter of the year, hoping to complete the projects ahead of the Chinese New Year holiday, which may lend some support to Taiwan's finished steel demand in the near term, Mysteel Global learns.
In parallel, the recovery in Chinese steel prices also boosted the positive sentiment in Taiwan's steel market. For example, China's national price of HRB400E 20mm dia rebar, a bellwether of domestic steel-market sentiment, was assessed by Mysteel at Yuan 4,133/tonne ($592/t) including the 13% VAT as of December 19, up another Yuan 56/t compared with one week ago.
Written by Nancy Zheng, zhengmm@mysteel.com
This article has been published under an article exchange agreement between Mysteel Global and SteelMint.
