Taiwan's Feng Hsin keeps rebar, scrap prices stable
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Feng Hsin Steel, Taiwan's largest rebar producer headquartered in Kaohsiung in south Taiwan, has decided to keep its rebar list prices and buying price for locally-sourced scrap stable over October 13-16 to monitor market changes in the coming term, a company official confirmed on Tuesday.
This week, Feng Hsin postponed its weekly pricing meeting till Tuesday instead of the usual Monday, Mysteel Global notes. The mini-mill wanted to learn more about local and global steel market conditions after Taiwan's public holiday over October 9-11 to celebrate the Double Tenth Day.
Thus, for its business till this Friday, Feng Hsin's list price of 13mm dia rebar remains at TWD 15,300/tonne ($533/t) EXW, unchanged from the last week in September, according to the official. Its procurement price for locally-sourced HMS 1&2 80:20 scrap also stays at TWD 7,300/t for the third consecutive week.
One major reason to explain Feng Hsin's decision this week was the lack of clarity in price trends in the global scrap market, Mysteel Global learned.
As of October 13, the price of US-sourced HMS 1&2 80:20 scrap in Taiwan had slid for the fourth week to $268/t CFR Taiwan, losing another $2/t from one week before, while the price of Japanese H2 scrap increased further to $285/t CFR Taiwan, gaining for the second straight week and rising by another $3/t on week, a market source in Taiwan told Mysteel Global.
Scrap prices in China also displayed signs of strengthening during the National Day holiday over October 1-8, as scrap supply decreased during the holiday while many scrap collectors were vacationing. On the other hand, scrap consumption among Chinese steel mills continued during that period, which prompted some steelmakers to lift their scrap buying prices to encourage deliveries.
Shagang Group, China's largest electric-arc-furnace mill, had raised its steel scrap procurement price by Yuan 80/tonne ($11.8/t) effective October 10, the mill's first price adjustment so far this month, as Mysteel Global reported.
This article has been published under an article exchange agreement between Mysteel Global and SteelMint Research.
