Taiwan Feng Hsin's rebar, scrap prices up $11/t
Feng Hsin Steel, Taiwan’s largest rebar producer headquartered in Taichung, central Taiwan, has decided to raise its rebar list price and procurement price for ...
Feng Hsin Steel, Taiwan's largest rebar producer headquartered in Taichung, central Taiwan, has decided to raise its rebar list price and procurement price for locally-sourced scrap by TWD 300/tonne ($10.8/t) on week for transactions over January 24-28 in response to the further growth in global scrap prices, a company official confirmed on Tuesday.
The price hike is Feng Hsin's first since mid-December, Mysteel Global noted. With the latest adjustment, the mini-mill's list price for 13mm dia rebar rises to TWD 21,400/t EXW, and its procurement price for local HMS 1&2 80:20 scrap reaches TWD 12,000/t, according to the official.
Scrap prices in the global market have strengthened further, thanks to the firm demand, encouraging Taiwan's local mini-mills to lift their rebar list prices accordingly, Mysteel Global noted.
As of January 24, the price of US-sourced HMS 1&2 80:20 scrap increased for the second week by another $10/t on week to $455/t CFR Taiwan, while the price for Japan-origin H2 scrap came in at $502/t CFR Taiwan after hovering below $500/t for ten weeks, jumping by $13/t from the prior week, according to a local market source.
However, scrap prices in Japan's domestic market were stable as most mini-mills in Japan are preferring to hold their scrap prices, given their sufficient stocks at hand, as Mysteel Global reported.
Meanwhile, steady consumption from Taiwan's end-users also provides some support to local rebar prices, as most construction companies continue to observe normal operations despite the looming Chinese New Year holiday over January 29-February 6.
This is different from China, where local traders have started winding down operations gradually since mid-January to celebrate the festival, where the official holiday actually spans January 31-February 6. Spot trading of construction steel has come to a standstill since the beginning of this week, Mysteel Global learned.
Written by Nancy Zheng, zhengmm@mysteel.com
This article has been published under an exchange agreement between MySteel Global and SteelMint.
