Feng Hsin Steel Co., one of Taiwan's leading electric furnace manufacturers, announced that it will cut its scrap purchase price by NT$200/t (USD 6.59) this week to NT$12,200/t (USD 402.45). The price of rebar also fell NT$200/t to NT$21,000/t (USD 692.74), while the price of steel sections remained stable at NT$27,600/t (USD 910.46).
The downward change in the rebar price was above market expectations. For the first time since mid and late November last year, rebar prices were reduced.
Feng Hsin said that there were no offers from the US scrap shipment last week. During the same period, Japan's H2 scrap and US containerized scrap prices were held at $435/t and $420/t, respectively. Australia's iron ore prices fell 0.47% week on week.
Based on 1 USD$ = 30.3143 NT$.
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