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. Both the rebar and section prices were also maintained at NT$18,800/ton and NT$25,200/ton, respectively.

The flat price of rebar this week was in line with market expectations. Rebar mills are focusing on stabilizing prices at the current stage. However, due to the drop in international scrap steel prices, the rebar price was expected to be negotiable. The focus this week is to see what changes to the steel market will be brought by the economic stimulus plan launched by the National People's Congress (NPC) Standing Committee.

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 kept flat at US$325/ton, and US containerized scrap dropped by 1.5% week on week. Australia’s iron ore price rose by 1.4% week on week.