BEIJING (Scrap Monster): Major Taiwanese long steel product manufacturer-Feng Hsin Iron and Steel Co. has decided to reduce its rebar prices for the week commencing March 9th, 2015. Also, the scrap purchasing prices will also be reduced during the week. Feng Hsin cites weak domestic market demand and plunging iron ore prices as the major reasons for the cut in weekly price.

 

According to company press release by Feng Hsin, the list prices for rebar will now be at NT$ 14,500 per ton, NT$200 lower when compared with the previous week. Also, section steel prices will remain in the range from NT$17,600 to NT$18,100 per ton, dropping by NT$500 per ton over the previous week.

 

Meantime, the company’s scrap purchasing prices will remain flat during the week. The scrap prices for the week will be in the range between NT$ 7,400 to NT$ 8,300 per ton.

 

In addition, the company has also announced cut of NT$1,000 per ton on its wire rod and bar prices for the month of March 2015. As per announcement, the base price for SAE 1008 A1-killed steel wire rod will be NT$18,200 per ton. Also, base price for S45C round bar wire rod will be NT$18,900 per ton. The base price for SCM440 alloy steel wire rod will be held steady at NT$24,500 per ton.

 

Feng Hsin Iron & Steel Co., Ltd is a Taiwanese company principally engaged in the manufacture, processing and distribution of iron and steel products.