Feng Hsin Steel Co., Ltd., a leading long steel producer in Taiwan, announced a price freeze for its rebar, scrap, and section steel this week. The price for the three products was maintained at NT$16,700/ton, NT$7,600/ton, and NT$23,800/ton, respectively. The decision to keep prices flat was in line with market expectations due to a continued lack of large orders and slow market activity.

The company noted that international raw material prices continue to create cost pressure. While the market remains quiet, some steel mills believe prices should increase, arguing that current rebar prices are too low, making imported raw materials unaffordable and weakening market confidence.

Feng Hsin said that there were no offers from the US scrap shipment last week. Japan’s H2 scrap remained unchanged at US$310/ton, and US containerized scrap dropped by 0.7% to US$303/ton. Australia’s iron ore prices rose by 1% to US$105.4/ton.