Taiwan’s domestic heavy melting ferrous scrap price was unchanged for the second week in a row due to continuing uncertainty on the outlook for the market, sources said.
Major mini-mill Feng Hsin Iron and Steel kept its domestic scrap buying price at T$9,600/mt ($311.20/mt) for HMS I/II 80:20 delivered to its Taichung mill Tuesday, unchanged from the previous week, a source at the mill said.
The Taiwanese mill announced their prices on Tuesday this week because Taiwan has been on holiday from last Thursday to the weekend, the source added.
The market outlook, especially for scrap, remains uncertain this week, sources said.
As a result, Feng Hsin also maintained its rebar selling prices this week at T$17,200/mt, for base-sized bars of 12-32mm diameter, the source added.
However, due to weakening rebar demand and high inventories, smaller mills in Kaohsiung lowered their rebar offer prices by T$100-T$150/mt, sources said.