Feng Hsin Steel Co., Ltd., a leading long steel producer in Taiwan, announced that it will maintain flat prices for rebar, scrap, and section steel this week. Rebar price remains at NT$16,700/ton, scrap at NT$8,000/ton, and section steel at NT$23,700/ton.

This decision was in line with market expectations, despite steelmakers limiting orders last week. Facing declining international scrap and billet prices, Feng Hsin opted against a rebar price hike.

Feng Hsin said that there were no offers from the US scrap shipment last week. Japan’s H2 scrap steel fell by 0.9% to US$315/ton, and US containerized scrap dropped by 1.7% to US$295/ton. Australia’s iron ore prices slid by 2% to US$93.8/ton.