Taiwanese steelmaker Feng Hsin Steel, Monday, raised rebar and ferrous scrap prices by TWD400/mt($32/mt) ex-works and TWD300/mt delivered mill, respectively. After the revision, the steelmaker’s base price for rebar is TWD19,300-19,400/mt ex-southern mills. Most mills are yet to restart imports after holidays and prefer to buy local scrap. A delay in sea-borne shipments is also impacting trades.
The Davis Index for containerized US-origin HMS 1&2 (80:20), Monday, was flat from Thursday at $435/mt cfr Taiwan. No deals were heard amid limited offers post holidays.
Market participants believe prices could rise further in January amid tight supply and strong domestic demand for ferrous scrap in exporting countries.