Feng Hsin Cuts The Prices for Rebar and Section Steel Products for This Week

It’s reported that Feng Hsin, one of the major steel long producers in Taiwan announced to cut the prices for rebar and section steel products for this week. Feng Hsin decided to reduce its rebar prices by NT$300/ton. The company already dropped in total of NT$600/ton in a row in past two weeks. Also, Feng Hin adecreased the section steel prices by NT$300/ton. Meanwhile, Feng Hsin remained its scrap purchasing prices unchanged for this week as it has already cut the prices by NT$200/ton in advance last Saturday. After the price announcement, the company’s list prices for rebar are at NT$17,300/ton; those for scrap are at NT$10,700~NT$11,400/ton and those for section steel are at NT$19,300~NT$19,500/ton. Industry hopes the price cut could boost the demand in the market. However, some downstream customers said the price cut would not help for the current weak market.