Taiwanese company Feng Hsin has reduced this week's prices

Feng Hsin Steel Co., Ltd., one of Taiwan's leading steelmakers, announced price cuts this week due to the continued decline in global raw material costs. The company has reduced its scrap purchase price by 300 NTD (9 USD) to 8,800 NTD (about 270 USD) per ton. Rebar prices fell by 200 NTD (6 USD) to 18,400 NTD (about 565 USD) per ton, while section prices fell by 400 NTD (12 USD) to 24,800 NTD (762 USD) per ton.

Feng Hsin stated that this decrease in rebar prices was in line with market expectations and showed that steel producers were quickly revising their prices to receive orders in difficult market conditions. It was stated that the sharp decreases in raw material prices last week, in particular, had an impact on this decision.

The company emphasized that it did not receive any offers for US scrap shipments last week. It was announced that Japan's H2 scrap prices remained stable at 325 USD per ton, while US containerized scrap prices fell by 0.9% on a weekly basis. However, it was noted that Australia's iron ore prices fell by 5.6% in the same period.

Feng Hsin had similarly reduced rebar and scrap prices in the week of November 11. During that period, scrap prices were again reduced by 300 NTD, rebar by 200 NTD, and section prices were kept constant.