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 price and procurement price ...
For its business till this Friday, Feng Hsin continues to offer its 13mm dia rebar priced at TWD 21,100/tonne ($766/t) EXW after the price cut of TWD 400/t over the prior week. Its procurement price for local HMS 1&2 80:20 scrap has stayed unchanged at TWD 11,700/t since mid-November, according to the official.
Taiwan's imported scrap prices recovered somewhat this week, with the price of US-sourced HMS 1&2 80:20 scrap reaching $445/t CFR Taiwan as of January 17, gaining $5/t on week after sliding for two weeks with a total fall of $10/t. The price for Japan-origin H2 scrap, meanwhile, posted a larger on-week rise of $11/t to $489/t CFR Taiwan, according to a local market source.
However, mini-mills in Taiwan are in no hurry to adjust their rebar list prices in response, given the quiet market, Mysteel Global learned. "But we have reduced the discount we're offering to buyers in the actual trading discussions this week after we saw the recovery in the global scrap market," the Feng Hsin official said.
End-users in Taiwan are not active in placing new orders when the rebar prices offered by local mini-mills are higher than their expectations. Nevertheless, consumption from them remains steady ahead of the Chinese New Year holiday as most construction companies will not shut down until the last day before the official holiday over January 29-February 6, Mysteel Global noted.
Written by Nancy Zheng, zhengmm@mysteel.com
This article has been published under an exchange agreement between MySteel Global and SteelMint.
