Feng Hsin Steel Co., Ltd., one of the major electric furnace mills in Taiwan, announced to hike the new prices for some of its main products for this week.

According to the price announcement, the purchasing price of scrap was greatly up by NT$500/ton, reaching NT$11,800/ton. The price of rebar was hiked by NT$400/ton to NT$20,900/ton, and section steel price was kept flat at NT$26,800/ton. The adjustment in rebar price was in line with market expectations. The adjustment was slightly larger due to the laggard price increase.

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 increased by 4.8% compared to the previous week. The US containerized scrap and Australia’s iron ore prices increased by 1.8% and 5.8% week on week, respectively.

Feng Hsin said the next price announcement will be delayed to January 31 due to the Lunar New Year holiday.