Taiwanese Feng Hsin's rebar and section prices eventually have begun to slump this week by NT$700/ton after keeping flat for consecutive seven weeks.
So far, its rebar and section prices are at NT$18,500/ton and NT$20,400~NT$20,600/ton respectively. The scrap prices are also cut by NT$200/ton to around NT$11,100~NT$11,800/ton.
Market insiders believe that the company cuts its prices sharply due to loss of market confidence from fierce slump in spot iron ore prices. This could reflect upcoming price war on rebar prices.
On the other hand, for Southern Taiwanese market, the primary steel rebar mills have suspended to release prices for three weeks.
Thus, the rebar prices still keep at NT$18,700/ton. However, the price could be curtailed by NT$700/ton as well to around NT$18,000/ton