Posted on 06 Dec 2023
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 prices of local scrap for transactions over December 4-8 to monitor the market changes, a company official confirmed on Tuesday.
For business discussions till this Friday, the mini-mill in Taiwan will continue to offer its 13mm dia rebar at TWD 19,700/tonne ($626/t) EXW, the same level from the previous week, and its procurement price for local HMS 1&2 80:20 scrap also stays unchanged on week at TWD 11,200/t, according to the official.
Global scrap prices delivered to Taiwan maintained the uptrend over the past week, with the price of US-sourced HMS 1&2 80:20 scrap reaching $380/t CFR Taiwan, growing for the fifth straight week by another $5/t on week, and the price of Japan-origin H2 scrap was reported at $385/t on Monday, higher by $5/t compared with one week before, a local market source said.
However, the further rise in global scrap prices failed to drive up the prices of rebar and local scrap in Taiwan where transactions in the physical market was not so strong, and market participants would like to wait and see for the moment after noting the retreat in finished steel prices in mainland China, Mysteel Global noted.
As of December 4, the national price of HRB400E 20mm dia rebar, a bellwether of China's domestic steel-market sentiment under Mysteel's assessment, decreased slightly to Yuan 4,055/tonne ($568/t) including the 13% VAT, down Yuan 19/t from one week earlier with the gradually shrinking demand from end-users.
For example, the daily trading volume of construction steel comprising rebar, wire rod and bar-in-coil among the 237 trading houses under Mysteel's regular survey averaged 138,428 tonnes/day over November 28-December 4, lower by 7,053 t/d on week.
Source:Mysteel Global
