Taiwan’s electric-arc furnace-based steelmaker Feng Hsin Iron and Steel kept scrap prices unchanged on July 24 for the third week in a row amid a lack of change in demand and supply for domestic scrap and downstream steel markets.

          The company’s list bid price for domestic HMS 1/2 80:20 was unchanged at T$11,500/mt ($368/mt), while the bid for Busheling was also unchanged at T$12,200-12,300/mt, excluding value added tax for deliveries to its Taichung mill.

          The mill’s downstream rebar price remained at T$18,700/mt ($598/mt), exfactory

and excluding VAT.

          “Taiwan prices are unlikely to drop further, but it is still better to buy billets at their offer price of $500/mt CFR Taiwan,” said a mill source.

          A source from a second mill stated that “there are not many changes in the local market, so all Taiwan mills are not changing their prices.”

          “Taiwan is stable this morning, nothing happened much, but the market should start forming the bottom,” said a Singapore based trader.

          Platts assessed the import price for heavy melting scrap unchanged on July 24, with HMS 1/2 80:20 CFR Taiwan containerized scrap at $359/mt, S&P Global Commodity Insights data showed.