Taiwan's leading electric furnace maker Feng Hsin Steel Co. Ltd. cut its scrap purchase price for the second week in a row.
Scrap prices were lowered by NT$200/ton to NT$10,800/ton. However, rebar and section steel prices remained unchanged at NT$19,700/ton and NT$26,700/ton, respectively.
During this period, Japan's H2 scrap prices held steady at NT$378/ton, while US containerized scrap prices fell to NT$368/ton. Australian iron ore prices also declined to US$120.85/ton.
Last week, Feng Hsin reduced the purchase price of scrap by NT$ 200/ton to NT$ 11,000/ton, and the price of rebar by NT$ 300/ton to NT$ 19,700/ton.
Feng Hsin also noted the absence of quotations for US scrap shipments during the previous week.
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