Taiwan's largest rebar producer Feng Hsin Steel, headquartered in Taichung, Taiwan, has decided to further reduce its rebar list prices and locally sourced scrap procurement prices by TWD 500/tonne ($16.8/t) for May 16-20 transactions. .
The company official exp
Taiwan's largest rebar producer Feng Hsin Steel, headquartered in Taichung, Taiwan, has decided to further reduce its rebar list prices and locally sourced scrap procurement prices by TWD 500/tonne ($16.8/t) for May 16-20 transactions. .
The company official explained that one of the main reasons for Feng Hsin's additional price reduction is the continued decline in global scrap prices.
As of May 16, the price of HMS 1&2 80:20 scrap from the US is reported to be at $450/ton CFR Taiwan, down $25/ton week on week. Meanwhile, the price of Japanese H2 scrap has dropped by $38/ton for the sixth week to reach $497/ton CFR Taiwan, according to a market source in Taiwan.
"Mini-factories in many countries, such as South Korea, Vietnam and Turkey, are trying to lower their scrap purchase prices to lower their production costs and increase their competitiveness in the global market," said Feng Hsin's official. said.
Alongside the decline in scrap prices, softening rebar demand from local end-users was also an important factor in the mills' decline in rebar list prices.
“Although construction contractors in Taiwan have not been asked to cease operations due to the increasing confirmed cases of COVID-19, progress on construction projects has slowed with the arrival of the rainy season,” an official said.
lained that one of the main reasons for Feng Hsin's additional price reduction is the continued decline in global scrap prices.
As of May 16, the price of HMS 1&2 80:20 scrap from the US is reported to be at $450/ton CFR Taiwan, down $25/ton week on week. Meanwhile, the price of Japanese H2 scrap has dropped by $38/ton for the sixth week to reach $497/ton CFR Taiwan, according to a market source in Taiwan.
"Mini-factories in many countries, such as South Korea, Vietnam and Turkey, are trying to lower their scrap purchase prices to lower their production costs and increase their competitiveness in the global market," said Feng Hsin's official. said.
Alongside the decline in scrap prices, softening rebar demand from local end-users was also an important factor in the mills' decline in rebar list prices.
“Although construction contractors in Taiwan have not been asked to cease operations due to the increasing confirmed cases of COVID-19, progress on construction projects has slowed with the arrival of the rainy season,” an official said.
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