Feng Hsin Steel Co., Ltd., one of the major electric furnace mills in Taiwan, decreased this week’s purchasing price of scrap by NT$300 to NT$8,800/ton. Besides, the price of rebar was dropped by NT$200 to NT$18,400/ton, and the section price was decreased by NT$400 to NT$24,800/ton.

The drop in rebar price this week was in line with market expectations. The prices of international raw materials continued to fall last week, and rebar prices responded quickly with a drop this week, showing steel mills’ ambition to take orders.

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 fell by 0.9% week on week. Australia’s iron ore price fell by 5.6% week on week.