Feng Hsin Steel Co., Ltd., a leading long steel producer in Taiwan, announced a price reduction for rebar and scrap this week. Rebar prices dropped by NT$300/ton to a new price of NT$16,700/ton. Scrap prices fell by NT$200/ton this week, bringing the new price to NT$7,600/ton, which followed a NT$300 drop last week. Section steel prices remained unchanged at NT$23,800/ton.

The company's decision to lower rebar prices was in line with market expectations after last week's scrap price adjustment. This price adjustment was seen as a way to boost orders as customer inventory levels decreased.

Feng Hsin said that there were no offers from the US scrap shipment last week. Japan’s H2 scrap fell by 0.9% to US$313/ton, and US containerized scrap also dropped by 1.0% to US$305/ton. Australia’s iron ore prices rose by 1.5% to US$104.35/ton.