Feng Hsin Steel Co., Ltd., one of the major electric furnace mills in Taiwan, announced to increase the purchasing price of scrap by NT$200/ton to NT$12,400/ton for this week. The price of section steel was also hiked by NT$800/ton to NT$27,600/ton, and that of rebar was kept flat at NT$21,200/ton. The unchanged adjustment in rebar price was in line with market expectations.

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 was maintained at US$435/ton. The US containerized scrap price increased by 2.4%, and Australia’s iron ore prices fell by 2.4% week on week.