Feng Hsin Iron & Steel Co., LTD, Taiwan-based Company has announced to cut its rebar price by US$6.10/mt from last week. Its list prices of rebar are reduced from US$564.02/mt to US$557.93/mt.

Meanwhile, the company also decreases its scrap price by US$6.10/mt to US$332.32~347.56/mt.

Feng Hsin attempts to lower its prices in order to attract more orders and offset current weak demand.

On the other hand, for Southern Taiwan market, the rebar price was stable at US$554.88/mt last week. However, mills in Southern Taiwan still did not acquire follow-up orders because buyers have not cleared out their stocks and the rebar price was expected to be slumped continuously.

According to market sources, the rebar price will be down to the bottom as US$548.78/mt this week.