Feng Hsin Steel Co., Ltd., a leading long steel producer in Taiwan, announced a NT$200/ton price drop for rebar this week, bringing the new price to NT$17,200/ton. The purchasing price of scrap remained unchanged at NT$8,400/ton, and the price of section steel was also flat at NT$24,100/ton.

The rebar price adjustment was in line with market expectations due to sluggish trading activity. A price increase two weeks prior had not materialized into firm orders, with most steel mills preferring to accept orders at pre-increase prices.

The rise in international scrap prices was offset by the appreciation of the New Taiwan dollar, weakening its pull on rebar. Furthermore, international billet prices are still falling.

Feng Hsin said that there were no offers from the US scrap shipment last week. Japan’s H2 scrap steel held steady at US$318/ton, while US containerized scrap rose by 2% to US$303/ton. Australia’s iron ore prices, however, dipped by 2.1% to US$96.75/ton.