By Paul Ploumis 03 Jul 2015 Last updated at 03:25:53 GMT

BEIJING (Scrap Monster): Major Taiwanese long steel product manufacturer-Feng Hsin Iron and Steel Co. has decided to further lower its scrap purchasing prices with immediate effect. This is the second time the company has cut scrap purchasing prices in less than a week. It had earlier cut the scrap purchasing NT$ 300 per ton on Monday. The sudden cut in scrap buying prices is mainly on account of declining international scrap prices, sources say. Meantime, the base prices of section steel and rebar will continue to remain unchanged.

According to the company press release, scrap purchasing prices will see an additional cut of NT$ 300 per ton from the prices announced earlier during the week. The scrap purchasing prices for the week will range between NT$ 5,500 per ton and NT$ 6,100 per ton, Feng Hsin press release stated.

The list prices of rebar will see a no change during the week. The prices had averaged at NT$ 13,100 per ton during the previous week. The above price will continue during this week also. The price for section steel during the week will be in the range of NT$ 17,500 per ton, unchanged when compared with the previous week prices.

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