Taiwan's Feng Hsin rolls over rebar, scrap prices
Feng Hsin Steel, Taiwan’s largest rebar producer headquartered in Taichung, central Taiwan, has decided to roll over its rebar list prices and procurement price...
For the business till this Friday, the mini-mill continues to offer its 13mm dia rebar at TWD 25,100/tonne ($872/t) EXW, taking a pause after raising prices for three straight weeks by a total of TWD 2,800/t. Its buying price for local HMS 1&2 80:20 scrap also stays unchanged on week at TWD 15,000/t, ending the continuous rally over the prior three weeks, according to the official.
As of March 28, the price of US-sourced HMS 1&2 80:20 scrap had strengthened further to $580/t CFR Taiwan, gaining for the fourth consecutive week by another $10/t on week, while the price of Japan-origin H2 scrap remained stable at $595/t during the same period after the grade had lost $15/t over the prior week, according to a local market source.
Mini-mills in Taiwan have opted to nurse their rebar list prices this week as local end-users need time to accept the substantial increases the mills have tabled over the prior several weeks, Mysteel Global was told.
In fact, new orders for rebar from users decreased last week, according to the Feng Hsin official. "They (end-users) are likely to wait-and-see if the continuous growth in global scrap prices loses momentum in the near term," he added.
Rebar prices in China grew slightly over the past week on support of speculative demand, while consumption from end-users was limited by the resurgence of COVID-19 in many regions of China, Mysteel Global noted.
For example, on March 25, China's national price of HRB400E 20mm dia rebar was assessed by Mysteel at Yuan 4,990/tonne ($783/t) including the 13% VAT, higher by Yuan 35/t on week.
Written by Nancy Zheng, zhengmm@mysteel.com
This article has been published under an exchange agreement between MySteel Global and SteelMint.
