Feng Hsin Steel Co., Ltd., one of the major electric furnace mills in Taiwan, maintained this week’s purchasing price of scrap at NT$9,400/ton. The rebar and section steel prices were also kept unchanged at NT$18,500/ton and NT$25,700/ton, respectively.

The unchanged price of rebar this week was in line with market expectations. Market participants said the reason for the price increase hasn’t been sufficient enough, especially since the transaction situation in southern Taiwan remained weak. Therefore, stabilizing rebar prices is an acceptable way.

Feng Hsin said that there were no offers from the US scrap shipment last week. During the same period, the price of Japan’s H2 scrap dropped by 4.2% to US$345/ton, and the US containerized scrap price fell by 3.5% week on week to US$328/ton. Australia’s iron ore price increased by 4.5% week on week.