Feng Hsin Steel Co., Ltd., a leading long steel producer in Taiwan, announced a price freeze on its major steel products for this week. The company is holding rebar, scrap, and section steel at their previous prices of NT$17,200/ton, NT$8,100/ton, and NT$23,800/ton, respectively.

The decision was made to allow the market to digest existing inventory, as trading activity was slow last week, particularly in southern Taiwan due to a recent typhoon.

Feng Hsin said that there were no offers from the US scrap shipment last week. Japan’s H2 scrap steel rose by 1.6% to US$315/ton, and US containerized scrap also hiked by 1.6% to US$310/ton. Australia’s iron ore prices slightly increased to US$100.95/ton.