By Paul Ploumis 28 Jul 2015 Last updated at 05:49:37 GMT

BEIJING (Scrap Monster): Major Taiwanese long steel product manufacturer-Feng Hsin Iron and Steel Co. has announced further cut in rebar prices. Meantime, the company has decided to keep the steel section base price and scrap purchasing prices unchanged.

The company has cut the base price of rebar several times during the previous five weeks. Feng Hsin has cut the rebar base price by as much as NT$ 1,900 per ton over this period. The sharp fall in scrap prices and plunging billet prices have forced the company to further reduce the rebar prices.

According to the company press release, scrap purchasing prices will remain flat from the prices announced towards end of previous week. The scrap purchasing prices for the week will range between NT$ 4,500 per ton and NT$ 5,000 per ton, unchanged from the previous week, 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$ 12,100 per ton during the previous week, will now be reduced to NT$ 11,700 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.