Taiwan: Feng Hsin Steel Raises Domestic Scrap Price Following High Global Offers

In recent conversations with industry sources, SteelMint learned that Taiwan's domestic scrap and rebar prices increased this week following jump in global scrap prices last week.

The leading mini-mill Feng Hsin Iron & Steel has raised its domestic steel scrap buying price observing a total hike by Taiwan Dollar 500/MT (USD 16) against the last weeks' report.

After the recent price hike, Feng Hsin is paying TWD 9,300/MT (USD 294) for HMS 1&2 (80:20) scrap delivered to its Taichung mill, up TWD 500/MT against TWD 8,800/MT (USD 278). This is company's 2nd scrap price hike since last Monday.

SteelMint's reference price for containerized imported HMS 1&2 (80:20) of US origin stands at around USD 285/MT, CFR Taiwan.

Feng Hsin Steel raises finish long price - In line with rising domestic scrap purchase prices, the steelmaker has also hiked finished steel prices effective from Monday. Its listed rebar selling price for 16-32 mm dia size stands at TWD 16,500/MT (USD 522) ex-works over 27-31st May week, delivered from Taichung mill in Taiwan.

Notably, the steelmaker has witnessed a rise in scrap and rebar prices after scrap prices hit three-month bottom closing last month. Scrap prices had remained flat for almost 3 weeks since closing April.

Taiwan ferrous scrap imports & rebar exports - The country imported 281,782 MT ferrous scrap in Mar'19 as against 142,778 MT recorded in Feb'19, witnessing a sharp growth of 97% M-o-M, on the other hand, finish long exports remained stable for the second consecutive month and recorded at 62,499 MT in Mar'19.