October 16, 2008

Feng Hsin Iron and Steel increases rebar prices again

Taiwan's Feng Hsin Iron and Steel has raised its rebar price by about TWD 700 per tonne this week after its price rise announcement of TWD 600 per tonne last week.

The move is due to a combination of raising international scrap price and tight scrap supply in the global steel market. Feng Hsin's new price of rebar has leaped to TWD 30,000 per tonne.

On the other hand, the company is adding its scrap price by TWD 400 per tonne this week, but its scrap price is still much lower than the import scrap price. Therefore, Feng Hsin will still have the chance to push up its scrap price again next week, according to market player.

(Sourced from YIEH.com)