Posted on 27 Mar 2024
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 for local scrap over March 25-29 to monitor the market changes, according to a local market source.
For business discussions till this Friday, the mini-mill continues to offer its 13mm dia rebar at TWD 19,200/tonne ($602/t) EXW, the same level from the previous week, and its buying price for local HMS 1&2 80:20 scrap also stays unchanged on week at TWD 10,700/t, the market source said.
Prices of global scrap delivered to Taiwan reversed up as expected, with the price of US-sourced HMS 1&2 80:20 scrap reaching $355/t CFR Taiwan as of March 25, gaining by $5/t on week and ending the continuous fall over the prior two months, while the price of Japan-origin H2 scrap was reported at $365/t CFR Taiwan, higher by $5/t compared with the previous week, Mysteel Global learned.
However, mini-mills in Taiwan are in no hurry to hike their rebar list prices accordingly this week, as they prefer to hold the prices at the current level to monitor the market changes in near term.
As for the steel market in mainland China, prices of finished steel recovered somewhat thanks to the improved market sentiment and better demand from downstream users, Mysteel Global noted.
As of March 25, China's national price of HRB400E 20mm dia rebar, a bellwether of domestic steel-market sentiment, was assessed by Mysteel at Yuan 3,718/tonne ($515/t) including the 13% VAT, higher by Yuan 52/t on week.
Over March 18-25, the daily trading volume of construction steel comprising rebar, wire rod and bar-in-coil among the 237 trading houses nationwide under Mysteel's regular survey averaged 154,355 tonnes/day, jumping by 26.4% on week.
Source:Mysteel Global
