Domestic scrap buying and rebar selling prices in Taiwan slipped further by T$200/mt ($6.86/mt) this week as seaborne scrap prices and rebar demand both decline, sources said.
Major mini-mill Feng Hsin Iron and Steel said Monday it was reducing domestic scrap buying price by T$200/mt to T$10,100/mt for HMS I/II (80:20) delivered to Taichung, central Taiwan, a company source said.
It also cut its rebar selling price by T$200/mt to T$16,800/mt ex-works Taichung for base-size bars, the source said. That is the second consecutive week that it cut the selling price by T$200/mt.
"Domestic scrap prices have not moved in a long time, but seaborne scrap import prices have been on a downward trend," a source from another Taiwanese mill said. "Added to that, our rebar market is not picking up so prices will naturally have to be adjusted."
Other mills have also adjusted prices accordingly, with some in Taiwan heard to have reduced domestic scrap buying prices by T$200-300/mt since Thursday, sources told S&P Global Platts.
US-origin containerized HMS I/II 80:20 was assessed $12.5/mt lower Friday at $340/mt CFR Taiwan.
