Feng Hsin Steel Co., Ltd., a leading long steel producer in Taiwan, announced a NT$500/ton price drop for rebar this week, bringing the new price to NT$16,700/ton. The purchasing price of scrap was decreased by NT$200 to NT$8,000/ton, and the price of section steel was also cut by NT$400 to NT$23,700/ton.

The drop in the rebar price was in line with market expectations, as the fall in scrap prices last week already signaled the rebar price decline.

Feng Hsin said that there were no offers from the US scrap shipment last week. Japan’s H2 scrap steel held steady at US$318/ton, while US containerized scrap fell by 0.99% to US$300/ton. Australia’s iron ore prices slid by 0.98% to US$95.8/ton.