Taiwan's largest rebar producer, Feng Hsin Steel, has decided to renew its rebar list prices and locally sourced scrap procurement prices for May 23-27 transactions, despite the decline in global scrap prices.
As a result, the mini mill continues to offer 13mm diameter rebar at TWD 23,300/tonne ($788/t) EXW for business negotiations until this Friday.
The steelmaker's domestic HMS 1&2 80:20 scrap purchase price has also remained unchanged at TWD 13,000/t this week, ending the steady decline over the past month, according to the official.
As of May 23, the price of HMS 1&2 80:20 scrap from the USA was reported as $435/ton CFR Taiwan for the seventh week, down another $15/ton from a week ago. Meanwhile, the price of Japanese H2 scrap fell another $29 week to $468/ton CFR Taiwan, according to a market source in Taiwan.
The pessimism in the Taiwanese market has eased somewhat recently as "scrap prices in the global market may have bottomed out after dropping by around $150/tonne over the past two months and local end users are expected to return to the market". Replenishment after more than a month," the official told Mysteel Global.
As for the steel market in China, Mysteel Global stated that falling steel prices have further narrowed the profit margins of Chinese steelmakers and forced them to put pressure on steelmaking raw material suppliers, including steel scrap collectors and traders.
As of May 23, Mysteel's steel scrap price index decreased to Yuan 3,817.6/t ($573/t) including 13% VAT on delivery, while the national price of HRB400E 20 mm diameter rebar decreased by RMB 51.6/t week on week, according to Mysteel's assessment. . Including 13% VAT, it fell 92 Yuan/tonne week to 4,839 Yuan/t.
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