Feng Hsin Steel, Taiwan's largest rebar producer headquartered has decided to roll over its rebar list prices and procurement prices for locally-sourced scrap for the third week over June 6-10 to monitor the market movement, a company official confirmed on June 7.
For business discussions till this Friday, the mini-mill continues to offer its 13mm dia rebar at TWD 23,300/tonne ($790/t) EXW, and its buying price for local HMS 1&2 80:20 scrap also keeps stable on week at TWD 13,000/t this week, according to the official.
The mini-mill in Taiwan is in no hurry to adjust its rebar list price and procurement price for locally-sourced scrap this week, as the price trend of global scrap is unclear for the moment, Mysteel Global learned.
As of June 6, the price of US-sourced HMS 1&2 80:20 scrap was reported at $435/t CFR Taiwan, the same level from one week before, and the price of Japan-origin H2 scrap returned to the downtrend again after the short-lived rise over the prior week, down $3/t on week to $475/t CFR Taiwan, according to a market source in Taiwan.
"Taiwan's finished steel market remained quiet last week, as end-users preferred to wait and see considering the uncertainty in global scrap prices," the company official explained.
Besides, the lower prices of billet and hot-rolled coil (HRC) in the global market also placed great pressure on Taiwan's finished steel prices, aggravating the wait-and-see sentiment in Taiwan, he added.
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