Taiwan's biggest rebar producer Feng Hsin Steel has raised its prices by T$300/mt ($10.03/mt) to T$17,200/mt ex-works Taichung due to steady domestic demand, a company source said Wednesday.
It left its scrap buying prices unchanged.
Taiwan's domestic rebar supply has seen some relief in recent months as a number of mills have made exports to destinations like South Korea and Hong Kong.
Exporting mills over the past month include Wei Chih Industrial and Power Steel, several traders have told S&P Global Platts.
Feng Hsin, however, has no immediate plans to export.
"We're not doing any exports this month because the current domestic demand is fine," a company source said.
Rebar suppliers from Taiwan, India and the Middle East have been able to fill a gap left by China, the dominant supplier to Asia, as Chinese mills have reduced exports this year in favor of supplying the domestic market, where prices have been stronger.
At least 20 deals and offers for Taiwanese rebar have been tracked in the spot market since July, mainly for cargoes bound for Hong Kong and South Korea, data compiled by Platts showed.
This compares with none a year ago.
Feng Hsin kept its domestic scrap buying prices unchanged on the week at T$10,300/mt delivered to Taichung.
The mill last imported containerized HMS I/II (80:20) at around $340/mt CFR late last week.
Feng Hsin's scrap purchases are currently sourced evenly across domestic and overseas suppliers.
