International raw materials rebounded, and Fengxing announced to increase the prices of steel bars and scrap steel.

(Provided by Fengxing)

[Reporter Huang Haochen/Taipei Report] The rebar factory Fengxing (2015) announced this week’s domestic rebar price this week. Due to the influence of international raw materials that stopped falling and rebounded last week, the base price of domestic scrap steel and rebar increased by NT$200 per metric ton. Steel prices remained flat.

In the foreign market, there is no quotation for large ship scrap in the United States this week, 2H scrap in Japan rose to $350 per ton this week; container scrap in the United States rose to $330 per ton; iron ore in Australia rose from $99.15 to $99.5 per ton.

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Fengxing said that international raw materials stopped falling and rose last week. At present, it is expected that short-term and more news will dominate the trend. In addition, the appreciation of the euro will also cause export quotations to rise slightly. It is expected that the benefits of winter will support the price of scrap steel. Domestic scrap steel is also encouraged by the rise of international scrap steel. With the expected rise, the current scrap merchants have a strong bullish mentality.

Fengxing pointed out that the willingness to pursue the price of steel bars will still be determined based on the strength of the trend of international scrap steel; in addition, last week, steel bars were traded in a high volume for two consecutive weeks, which also turned the market from pessimism to bargain hunting.

According to Fengxing's price announcement this week, scrap steel is NT$10,200 per ton, steel bar is NT$19,400 per ton, and section steel is NT$26,300 per ton.

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