Feng Hsin Steel Co., Ltd., one of the major electric furnace mills in Taiwan, decreased this week’s purchasing price of scrap by NT$300/ton to NT$9,400/ton and the rebar price by NT$400/ton to NT$18,500/ton. The section price was kept flat at NT$25,700/ton. The drop in rebar price this week was in line with market expectations. The decreased scrap price last Friday was a sign of a decline in rebar price this week.

Feng Hsin said that there were no offers from the US scrap shipment and Japan’s H2 scrap last week. During the same period, the US containerized scrap price fell by 1.4% week on week to US$340/ton. Australia’s iron ore price also decreased by 9.1% week on week.