Taiwanese electric arc furnace-based steelmaker Feng Hsin Iron and Steel has hiked its weekly domestic scrap and local rebar price again this week, a source from the mill said April 7.

The company increased its listed bid price for firstgrade domestic heavy melting scrap 1/2 80:20 equivalent by T$200/metric ton to T$10,400/mt ($326/mt), excluding value-added tax, for deliveries to its Taichung mill effective April 7, the mill source said.

With this latest adjustment, domestic scrap prices have been raised for the fifth consecutive week since March 9.

The mill source said that, similar to prior weeks, domestic scrap prices were raised again amid rising import prices and the persistent wide price gap between local and imported scrap prices.

Feng Hsin Iron and Steel raised its downstream rebar price by T$200/mt to T$18,100/mt ($567/mt), ex-factory and excluding VAT, the source said.

Rebar prices were raised in tandem with rising scrap prices, according to the mill source.

This marks the sixth straight week of increases for rebar prices. In the seaborne market, US-origin containerized HMS ½ 80:20 offers were heard at $360/mt CFR on March 7, with the most competitive offer moving up by $8/mt from the previous session.

Tradable value was heard above $350/mt CFR on the same day, higher than deal levels concluded last week.

“Elevated price expectations are being driven by several factors, including stronger purchasing prices in Turkey and high bulk prices from Japan. US scrap offers are also limited, with suppliers aiming for higher targets,” said a Taiwan-based mill source.

Platts, part of S&P Global Energy, assessed the daily heavy melting 1/2 80:20 CFR Taiwan containerized scrap index at $352/ mt on April 7, up $3/mt from the previous session.

Platts assessed Turkish imports of premium heavy melting scrap 1/2 (80:20) at $402/mt CFR on April 2, up by $2/mt from the previous day.