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Taiwan Feng Hsin's rebar, scrap prices remain stable

Feng Hsin Steel, Taiwan’s largest rebar producer and headquartered in Taichung, central Taiwan, has decided to hold its rebar list prices and procurement prices...

Melting Scrap
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1 Jun 2022, 10:24 IST
Taiwan Feng Hsin's rebar, scrap prices remain stable

Feng Hsin Steel, Taiwan's largest rebar producer and headquartered in Taichung, central Taiwan, has decided to hold its rebar list prices and procurement prices for locally-sourced scrap for the second week over May 30-June 2, a company official confirmed on Tuesday.

For business discussions till this Thursday, the mini-mill continues to offer its 13mm dia rebar at TWD 23,300/tonne ($804/t) EXW, and its buying price for local HMS 1&2 80:20 scrap also stays unchanged on week at TWD 13,000/t this week, according to the official.

This week is a short working week in Taiwan due to the Dragon Boat Festival on June 3, Mysteel Global noted.

As of May 30, the price of US-sourced HMS 1&2 80:20 scrap was reported at $435/t CFR Taiwan, taking a pause after slumping by a total $145/t over the prior two months, and the price of Japan-origin H2 scrap had reversed up $10/t on week to $478/t CFR Taiwan, ending the persistent fall since April, according to a market source in Taiwan.

Sentiment in Taiwan's steel market has improved to some extent as scrap prices in the local market are expected to hit bottom. "We finally received new (steel) orders from end-users last week after a six-week hiatus," the Feng Hsin official said.

However, prices of scrap delivered to Taiwan are unlikely to see any significant growth in the coming term as scrap consumption among local mini-mills is expected to decline from the start of June until end-September due to Taiwan's annual power supply rationalization scheme for summer.

Under the scheme, heavy industrial electricity consumers such as EAF mills are requested to reduce their power consumption to ensure stable electricity supplies for households, Mysteel Global was told.

Written by Nancy Zheng, zhengmm@mysteel.com
This article has been published under an article exchange agreement between Mysteel Global and SteelMint.

 

1 Jun 2022, 10:24 IST

 

 

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