Feng Hsin Steel Co., Ltd., a leading electric furnace mill in Taiwan, raised the purchase price of scrap by NT$300/ton this week, reaching NT$9,000/ton, and the price of THS and THK grade scrap was hiked by NT$400/ton. In contrast, the price of rebar and section steel was kept flat at NT$18,000/ton and NT$24,300/ton.

The flat rebar price this week aligned with market expectations. The short-term rebar price was expected not to drop, and the changes in raw material prices became a focus.

Feng Hsin said there were no offers from the US scrap shipment last week. During the same period, the price of Japan’s H2 scrap was up by 3.2% to US$315/ton, and the US containerized scrap price rose by 1.6% to US$310/ton. Australia’s iron ore price increased by 2.4% to US$106.5/ton.