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/ton to NT$9,100/ton, and the price of THS and THK grade scrap was down by NT$200/ton.

Besides, the price of rebar was dropped by NT$200 to NT$18,600/ton, and the section price was kept flat at NT$25,200/ton.

The drop in rebar price this week was in line with market expectations. Feng Hsin moderately lowered prices to stimulate downstream replenishment, showing its 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 0.6% week on week. Australia’s iron ore price rose by 0.8% week on week.