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 the second week over November 29-December 3 to monitor the market environment in the coming term, according to a company official on Monday.
In business negotiations till this Friday, the Taiwanese mini-mill continues to offer its 13mm dia rebar at TWD 22,300/tonne ($802/t) EXW, the lowest since mid-May, and its procurement price for local HMS 1&2 80:20 scrap also stays unchanged on week at TWD 11,700/t, Mysteel Global noted.
As of November 29, the price of US-sourced HMS 1&2 80:20 scrap reached $460/t CFR Taiwan, reversing up $5/t on week after sliding for four consecutive weeks. At the same time, the price for Japan-origin H2 scrap posted a larger on-week rise of $10/t on week to top $490/t CFR Taiwan, ending the steady decline over the prior four weeks which saw prices lose $65/t in total, according to the Taiwanese market sources.
"Scrap prices in the global market have seen some signs of recovery recently, which improved local market sentiment to some extent," the Feng Hsin official said.
Besides, the recovery in China's finished steel prices also lent some support to Taiwan's steel market, Mysteel Global noted. As of November 26, the national price of HRB400E 20mm dia rebar under Mysteel's assessment, for example, came in at Yuan 4,807/tonne ($753/t) including the 13% VAT, up Yuan 91/t on week.
However, Feng Hsin still decided to hold its rebar list prices this week to monitor market trends. At the same time, the mini-mill will continue to offer some discounts during actual trading discussions to facilitate sales, according to the company official.
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