Taiwan's Feng Hsin rolls over rebar, scrap prices
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 pri...
Following the mini-mill's price hike last week, till this Friday, Feng Hsin will continue to offer its 13mm dia rebar at TWD 20,000/tonne ($638/t) EXW while its buying price for HMS 1&2 80:20 scrap also stays unchanged on week at TWD 11,500/t, according to the official.
Prices of global scrap delivered to Taiwan kept firm over the past week, lending some support to steel prices in Taiwan, Mysteel Global learned.
As of December 18, the price of US-sourced HMS 1&2 80:20 scrap was reported at $385/t CFR Taiwan, higher for the seventh consecutive week by another $3/t on week, while the price of Japan-origin H2 scrap was at $390/t CFR Taiwan on Monday, the same level as one week earlier, a local market source said.
Fourth quarter is usually a peak season for steel consumption in Taiwan thanks to the accelerated project construction before the Chinese New Year holiday which next year will fall in early February. However, local steelmakers are preferring to wait-and-see after noting the retreat in finished steel prices in mainland China, Mysteel Global noted.
As of December 18, the national price of HRB400E 20mm dia rebar in China, a bellwether of domestic steel-market sentiment there, was assessed by Mysteel at Yuan 4,058/tonne ($568/t) including the 13% VAT, lower by Yuan 43/t on week due to the shrinking demand from end-users.
Over December 12-18, the daily trading volume of Chinese construction steel comprising rebar, wire rod and bar-in-coil among the 237 trading houses under Mysteel's regular survey averaged 123,324 tonnes/day, plunging by 27,823 t/d or 18.4% from the prior week.
Note: This article has been written in accordance with an article exchange agreement between Mysteel Global and SteelMint.
