Taiwan: Feng Hsin Steel Cuts Domestic Scrap Purchase Price by USD 6

SteelMint learned from sources that Taiwan's domestic scrap and rebar prices have finally come down after remaining flat for 5 weeks' period. Prolonged weak finish steel sales and successively lowered global ferrous scrap prices could have resulted in a decline in prices this week. Most of the participants were expressing the indications of softening in imported scrap prices on bearish sentiments and fallen iron ore prices amid considerable supply.

The leading mini-mill Feng Hsin Iron & Steel has lowered its domestic steel scrap buying price by TWD 200/MT (USD 6) to TWD 8,800/MT (USD 281) for HMS 1&2 (80:20) scrap delivered to its headquarter in Taichung effective over this week.

In line with lowering scrap prices, the steelmaker also cut down its listed finished long steel offer prices for rebar of 12-32 mm dia size to TWD 16,000/MT (USD 510) ex-works delivered from Taichung mill in Taiwan.

Taiwan imported scrap offers down marginally on W-o-W - SteelMint's assessment for containerized imported HMS 1&2 (80:20) of US origin has moved down USD 3-5/MT on weekly basis and stood at USD 272-275/MT, CFR Taiwan. Steelmakers continue with the limited production activities and wait for the boost in finish steel demand in the coming months.