Feng Hsin, one of the major electric furnace mills in Taiwan has announced to cut its list price for this week.
The company decided to cut its prices for rebar and scrap by NT$200/ton and decrease prices for section steel products by NT$400/ton.
After the adjustment, Feng Hsin's new list base price for rebar is at NT$18,000/ton; its scrap purchasing price is at NT$10,900~NT$11,800/ton and its new price for steel sections is at NT$19,800~NT$20,000/ton.
In fact, most of the market participants expected that Feng Hsin to keep its list price flat in this week.
It is said the major purpose that Feng Hsin to cut its new price in this week is because that it expects to push the scrap collection price to go down in the Taiwanese domestic market.
