Taiwan Feng Hsin's rebar list price grows by $6/t

Feng Hsin Steel, Taiwan's largest rebar producer headquartered in Taichung in central Taiwan, has decided to raise its rebar list prices by TWD 200/tonne ($6.1/t) on week for transactions over July 8-12, while keeping its buying prices for local scrap unchanged during the same period, a local market source said on Tuesday.

With the latest adjustment, the mini-mill is offering its 13mm dia rebar at TWD 19,300/tonne ($586/t) EXW for business discussions till this Friday, and it continues to pay TWD 10,500/t for local HMS 1&2 80:20 scrap.

The company has not raised its local scrap procurement prices this time, as global scrap prices delivered to Taiwan have remained stable, encouraging Taiwan's mini-mills to hold their buying prices to monitor any market changes in the coming week, Mysteel Global learned.

As of July 8, the price of US-sourced HMS 1&2 80:20 scrap came in at $345/t CFR Taiwan, the same level as a month ago, while the price of Japan-origin H2 scrap also stays at $357/t CFR Taiwan, unchanged since the start of June, the local market source said.

As for the steel market in the Chinese mainland, rebar prices kept rangebound over the past week with the fluctuation in the derivative market and the unstable demand from end-users, Mysteel Global noted.

On Monday, China's national price of HRB400E 20mm dia rebar, a pointer to steel-market sentiment, was assessed by Mysteel at Yuan 3,626/tonne ($499/t) including the 13% VAT, dipping by Yuan 3/t compared with one week earlier.

On the same day, the most-traded contract on the Shanghai Futures Exchange for delivery in October closed the daytime trading session at a lower price of Yuan 3,503/t, down for the second working day or falling by Yuan 46/t from the settlement price on July 1, according to the exchange's data.

Note: This article has been written in accordance with an article exchange agreement between Mysteel Global and BigMint.