Feng Hsin Steel Co., Ltd., a leading electric furnace mill in Taiwan, raised this week’s purchasing price of scrap by NT$200 to NT$8,200/ton. The price of rebar was also hiked by NT$200 to NT$17,400/ton, while the section steel price was kept flat at NT$24,100/ton.

The price adjustment aligned with market expectations. The transaction volume last week soared, primarily due to a rebound in raw material costs.

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 up by 1.6% to US$313/ton, and US containerized scrap rose by 2.4% week on week to US$295/ton. Australia’s iron ore price also hiked by 2.9% week on week.