Taiwan's largest rebar producer Feng Hsin Steel has set its rebar list prices at 700 TWD/t ($23.5/t) for its business meeting on July 18-22 considering the pessimism in the domestic steel market. A company official confirmed Tuesday.
With the latest adjustment the mini mill is offering 13mm diameter rebar at 20,600 TWD/t EXW for transaction until this Friday the lowest level since May 2021, and the domestic HMS 1&2 80:20 scrap purchase price has been lowered by one level. After dropping by 300 TWD/ton on July 16 this week's 15-month low of 10,600 TWD/ton, this week dropped another 300 TWD/ton according to the official.
Mysteel Global stated that the company's price cut partially reflects the continued decline in global scrap prices.
The price of HMS 1&2 80:20 scrap from the US came to $365/ton CFR Taiwan down $5/tonne week after three weeks at $370/ton and the price of H2 scrap from Japan is in Taiwan according to a local market source. Scrap has consistently dropped to $370/ton CFR Taiwan, seventh week down another $10/ton from a week ago.
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