It's reported that Feng Hsin, one of the major steel long product makers in Taiwan announced to cut its scrap purchasing prices on May 22nd, affected by poor rebar sales.
The company decided to reduce scrap purchasing prices by NT$200/ton to NT$10,500~NT$11,200/ton.
Accordingly, it's predicted that the other steelmakers in Taiwan will follow Feng Hsin to cut scrap purchasing prices as well.
Meanwhile, industry sources predicted that the import prices of the US HMS 80:20 (1&2) to Taiwan might drop to US$345/ton C&F thi week. Furthermore, the Taiwanese steelmakers might bid US$340/ton C&F.