Taiwan Feng Hsin's marginally raises rebar list price
Feng Hsin Steel, Taiwan's largest rebar producer, has raised its rebar list price for the ninth week by another TWD 300/tonne ($10.8/t) on week for local sales over May 24-28, with the hike being more moderate than the prior week's TWD 900/t, mainly as global scrap prices have shown signs of softening and mainland China's steel prices have been slumping, a company official explained.
Until Friday, Feng Hsin's list price of 13mm dia rebar list price will be at TWD 22,700/t EXW, or up a total of TWD 3,900/t over the past two months, the official confirmed, and the mini-mill, headquartered in Taichung, Central Taiwan, has decided to remain its locally-sourced HMS 1&2 80:20 scrap buying price at TWD 12,100/t, a pause from a three-week gain of TWD 1,100/t in total, as global scrap prices have been easing recently, according to him.
As of May 24, the price of US-sourced HMS 1&2 80:20 scrap stayed unchanged on week at $475/t CFR Taiwan, while the prices of Japan-origin H2 scrap reversed down $17/t on week to $490/t CFR Taiwan, or in sharp contrast to the sharp rise at $47/t in the prior week, a local market source said.
"Sentiment in Taiwan's steel market may soften this week too as the finished steel prices in mainland China have slumped back to the level before the Labour Day holiday, and some local end-users, thus, may slow down buying (to see whether there are chances for steel prices in Taiwan to reverse down)," the Feng Hsin official said.
The national price of HRB400E 20mm dia rebar, a barometer of spot steel market sentiment in the mainland China, fell to Yuan 5,185/tonne ($809/t) including the 13% VAT as of May 24, even lower than Yuan 5,255/t as of April after having lost all the gains over May 6-12 or Yuan 1,163/t lower than the all-time high on May 12, according to Mysteel's data.
The consistent and sharp falls in the steel prices in the mainland China had dragged down all the major steelmaking raw materials prices, and Shagang Group (Shagang), the largest electric-arc-furnace (EAF) steelmaker headquartered in East China's Jiangsu province, for example, has cut its steel scrap buying prices seven times over May 16-25 by a total of Yuan 550/t, as reported.
Written by Nancy Zheng, firstname.lastname@example.org
This article has been published under an article exchange agreement between Mysteel Global and SteelMint Research.