Feng Hsin Steel, Taiwan's largest rebar producer headquartered in Taichung, Central Taiwan, has decided to roll over its rebar list price and buying price for locally-sourced scrap for transactions over January 3-7 to watch the market developments, according to a company official.
For business deals till this Friday, Feng Hsin will continue to offer its 13mm dia rebar price at TWD 21,500/tonne ($782/t) EXW for the fourth week, and its procurement price for local HMS 1&2 80:20 scrap has stayed unchanged at TWD 11,700/t since mid-November.
The mini-mill prefers to hold its two prices to wait and see the market direction given the frequently fluctuating prices of imported scrap to Taiwan, the company official explained.
As of January 3, the price of US-sourced HMS 1&2 80:20 scrap reversed down again by $5/t on week to $445/t CFR Taiwan after the short-lived recovery over the prior week, and the price for Japan-origin H2 scrap also retreated slightly by $3/t on week to $482/t CFR Taiwan after increasing $10/t over the previous week, according to the Taiwanese market source.
"The fluctuation in the global scrap market has impacted the steel market in Taiwan, and many local end-users have slowed their new bookings recently," the official said.
However, shipments from Taiwanese mini-mills have remained largely steady so far thanks to the expected firm steel consumption in the near term, as many local end-users are trying to quicken their pace of construction and hoping to complete the projects ahead of the Chinese New Year holiday, he added.
Meanwhile, Chinese scrap prices also reversed down after having grown for five weeks on account of the substantial fall in finished steel prices, with the scrap price index under Mysteel's assessment down Yuan 13.4/tonne ($2.1/t) on week to Yuan 3,563.5/t on delivery and including the 13% VAT as of January 4.
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