Feng Hsin Steel Co., Ltd., a leading electric furnace mill in Taiwan, raised the price of its rebar and scrap by NT$300/ton this week, with rebar priced at NT$18,000/ton and scrap priced at NT$8,700/ton. Section steel price was kept flat at NT$24,300/ton.

The rebar price hike after the Lunar New Year holiday was in line with market expectations. After the price was raised, the market prices rebounded to the NT$17,400/ton level, with the price back to the NT$17,000/ton mark in the Southern Taiwan market. However, whether the price increase will stimulate purchase is still subject to the price of international raw materials.

Feng Hsin said there were no offers from the US scrap shipment last week. During the same period, the price of Japan’s H2 scrap was up by 1.7% to US$305/ton, and the US containerized scrap price rose by 3.4% to US$305/ton. Australia’s iron ore price slightly fell to US$104/ton.