Feng Hsin Steel Co., Ltd. kept its scrap purchase price unchanged at NTD 9,400 (approximately USD 298) per ton. The company also kept its rebar and section prices unchanged at NTD 18,800 (approximately USD 615) per ton and NTD 25,200 (approximately USD 803) per ton, respectively. These prices are in line with market expectations.
Feng Hsin reported last week that it had not received any offers for scrap shipments from the US. During the same period, Japan’s H2 scrap prices and US containerized scrap prices fell by 1.5% on a weekly basis, while Australia’s iron ore price also saw a slight decline of 0.5%.
Meanwhile, Taiwan’s leading stainless steel producers Yieh United Steel Corp. (Yusco) and Tang Eng Iron Works Co., Ltd. are set to announce their new prices for November this week. Rising nickel prices and increases from Indonesia’s Tsingshan are among the factors behind the expected price increases for 300-series products.
Market participants expect that the People's Bank of China's (PBOC) cut in interest rates and reserve requirement ratio will allow trillions of RMB funds to flow into the market, paving the way for the stainless steel sector to restock ahead of the National Day holiday. In addition, steel mills expect stainless steel prices to rise in November amid rising raw material costs and higher electricity prices in Taiwan in October.
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