Feng Hsin Steel Co., Ltd., one of the major electric furnace mills in Taiwan, announced to hike the purchasing price of scrap by NT$200/ton and the price of rebar by NT$300/ton, while remaining the price of section steel at NT$27,000/ton for this week. The price announcement was in line with market expectations.

Feng Hsin said that there were no offers from the US scrap shipment last week. During the same period, the price of Japan’s H2 scrap was kept unchanged, the offer of US containerized scrap was hiked by 1.7% week on week, and Australia’s iron ore price had a week-on-week decrease of 8.5%.