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Taiwan's Feng Hsin holds rebar, scrap prices again

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Melting Scrap

BigMint Bureau

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31 Jul 2024, 10:49 IST

Taiwan's Feng Hsin holds rebar, scrap prices again

Mysteel Global: Feng Hsin Steel, Taiwan's largest rebar producer headquartered in Taichung in central Taiwan, has decided to roll over its rebar list prices and procurement prices for local scrap again for transactions over July 29-August 2 to monitor market changes this week, according to a company official.

For business discussions till this Friday, the mini-mill's list price of 13mm dia rebar stays at TWD 19,300/tonne ($587/t) EXW, unchanged for the fourth consecutive week, and it continues to pay TWD 10,500/t for local HMS 1&2 80:20 scrap, the same level since early June, the official confirmed.

One major reason for Feng Hsin's decision was the stable prices of global steel scrap delivered to Taiwan. This has encouraged mini-mills in Taiwan to uphold their buying prices of local scrap and rebar list prices in the coming week, Mysteel Global learned.

As of July 29, the price of US-sourced HMS 1&2 80:20 scrap was reported at $347/t CFR Taiwan, unchanged for the second week, and the price of Japan-origin H2 scrap also kept stable on week at $357/t CFR Taiwan, Mysteel Global was told.

Besides, mini-mills in Taiwan would like to wait and see this week after a stagnation in the local steel market last week due to the impact of Typhoon Gaemi, which made landfall in eastern Taiwan's Yilan county early on July 25 and brought strong winds and torrential rains to the island.

Finished steel prices in Chinese mainland continued to lose ground over the past week with negative sentiment prevailing in the domestic market and thinning demand from end-users, Mysteel Global noted.

As of July 29, the national price of HRB400E 20mm dia rebar, a pointer to China's steel-market sentiment, was assessed by Mysteel at Yuan 3,417/tonne ($470/t) including the 13% VAT, sliding by a total of Yuan 119/t from one week before and touching its lowest level in nearly seven years.

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