Taiwan Feng Hsin's rebar, scrap prices up $10/t
Feng Hsin Steel, Taiwan’s largest rebar producer headquartered in Taichung in central Taiwan, has decided to raise its rebar list prices and procurement prices ...
With the latest adjustment, the mini-mill is offering its 13mm dia rebar at TWD 20,000/t EXW for business discussions till this Friday, its highest since the start of May, according to the official. On the other hand, the mini-mill is paying domestic scrap collectors TWD 11,500/t for their HMS 1&2 80:20 scrap, a 7.5-month high, he confirmed.
Feng Hsin's decision was partly to reflect the continuous rise in prices of global scrap delivered to Taiwan, Mysteel Global learned.
As of December 11, the price of US-sourced HMS 1&2 80:20 scrap was at $382/t CFR Taiwan, up by $2/t on week and representing the sixth consecutive weekly increase. Similarly, the price of Japan-origin H2 scrap was reported at $390/t CFR Taiwan on Monday, higher by another $5/t from one week earlier, a local market source said.
Besides, the fourth quarter is the traditional peak season for steel consumption in Taiwan, as many local building contractors try to accelerate their pace of construction before the Chinese New Year holiday. This is boosting market confidence about steel demand in the near term.
Meanwhile, finished steel prices in mainland China strengthened over the past week, which also lent support to Taiwan's steel market to some extent, Mysteel Global noted.
As of December 11, the national price of HRB400E 20mm dia rebar, a bellwether of China's domestic steel-market sentiment, was assessed by Mysteel at Yuan 4,101/tonne ($571/t) including the 13% VAT, gaining Yuan 46/t from one week before.
Note: This article has been written in accordance with an article exchange agreement between Mysteel Global and SteelMint.
