Taiwan's Feng Hsin increases its scrap and rebar prices

Feng Hsin, one of the largest electric furnace factories in Taiwan, announced this week that it will increase its scrap purchase price by NT$400/t to NT$12,200/t. The price of rebar was also increased from NT$300/t to NT$21,200/t, and the price of the section steel was kept constant at NT$26,800/t. The increase in the rebar price was almost at the same level as the market expectations.

Feng Hsin said that there were no offers from the US scrap shipment last week. In the same period, the price of Japan's H2 scrap remained at US$435/t. US containerized scrap and Australian iron ore prices rose 2.5 percent and 2.3 percent week on week, respectively.