Taiwan-based steelmakers Feng Hsin Steel hiked its domestic ferrous scrap purchase prices for the second consecutive week as imported ferrous scrap prices increased.
Feng Hsin hiked the price for domestic scrap equivalent of HMS 1&2 (80:20) to NT$7,900/mt ($262/mt) Monday from NT$7,700/mt the prior week delivered to Taichung plant.
The selling price of grade 40 rebar rose to NT$16,100/mt from NT$15,900/mt the prior week. Feng Hsin offers a distributor discount of around NT$600-800/mt on finished long steel. The steelmaker offered rebar G-40 at NT$15,500/mt to distributors and the retail price was NT$15,300/mt ex-works exclusive of 5pc tax in Taiwan.
The Davis index of US origin HMS1&2 (80:20) in containers moved up to $265/mt cfr Thursday (Dec 12) with suppliers now expecting $270/mt cfr level for new sales.
Turkey’s bulk ferrous scrap prices have hit $300/mt cfr levels amid a pick up in trade before the New Year holidays. The increase in semi-finished and finished steel demand supported ferrous scrap import activities in Turkey. The Davis index for US-origin containerised HMS 1&2 (80:20) settled at $300/mt cfr Turkey on Friday, after a sharp recovery of around $80/mt from October lows.