Feng Hsin Steel, Taiwan’s largest rebar producer headquartered in Taichung, Central Taiwan, has cut its procurement price for locally-sourced scrap further by TWD 200/tonne ($6.6/t) for February 10-14 and trim its rebar list price more substantially by TWD 500/t to reflect global scrap price declines and obvious dampening of buying enthusiasm among local downstream users, a company official confirmed on February10.

The scrap price cut has been the third in one week as “we have lowered our purchasing price (for locally-sourced scrap) twice last week by a total TWD 500/t on noting the continuing softening in global scrap prices,” the Feng Hsin official added. With latest adjustment, the mini-mill’s procurement price for locally-sourced HMS 1&2 80:20 scrap