Feng Hsin Steel Co., Ltd., a leading long steel producer in Taiwan, announced a NT$200/ton decrease in its rebar and scrap prices this week, bringing the new price to NT$17,900/ton and NT$9,200/ton, respectively. Section steel prices remained unchanged, at NT$25,000/ton.

The price reduction for rebar was in line with market expectations. The company's decision to lower prices aims to align with actual market conditions and facilitate more realistic orders.

Feng Hsin said that there were no offers from the US scrap shipment last week. Australia’s iron ore prices dropped to US$99.25/ton from US$100/ton.