By Paul Ploumis 20 Jul 2015 Last updated at 05:48:50 GMT
BEIJING (Scrap Monster): Major Taiwanese long steel product manufacturer-Feng Hsin Iron and Steel Co. has announced further cut in rebar and scrap purchasing prices. However, the company has decided to keep the prices for section steel unchanged.
This is the fifth consecutive cut by the company in almost a month. It had earlier cut the scrap purchasing thrice by NT$ 300 per ton each and once by NT$ 100 per ton recently. The decision follows sharp decline in billet prices and the unprecedented fall in scrap prices.
According to the company press release, scrap purchasing prices will see an additional cut of NT$ 300 per ton from the prices announced towards end of previous week. The scrap purchasing prices for the week will range between NT$ 4,800 per ton and NT$ 5,600 per ton, Feng Hsin press release stated.
The list prices of rebar will also see a cut of NT$ 400 per ton. The prices that had averaged at NT$ 12,500 per ton during the previous week, will now be reduced to NT$ 12,100 per ton during this week. The price for section steel during the week will be in the range of NT$ 17,000 per ton, remaining unchanged from 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.