Feng Hsin Steel Co. ”twice a week increased its purchase prices for rebar and scrap metal.
The Taichung rebar company on Monday announced that it will raise its prices by NZD 300 per tonne for rebar products to NZD 17,100 after raising NZD 200 per tonne Thursday last week, while increasing its scrap purchase prices by NZ $ 300 per tonne. tons to 8,700 NZD after adding NZD 200 on the same day.
In general, this increased prices for rebar and scrap metal by 3.01-6.25 percent.
"Price adjustments reflect an upward trend in global steel prices" as demand rises and supply contracts, spokesman Feng Hsin Cheng Tei said in a telephone call yesterday to Taipei Times. /p>
Company uses electric arc furnaces to melt scrap metal and other materials such as limestone, ferrosilicon and ferromanganese, to produce commercial rods, round rods and reinforcing bars for fasteners, auto parts, and the mechanics and construction industries . This week, US container scrap prices are up $ 12 to $ 285 per tonne, while prices in Japan are up $ 7 to $ 305 per tonne, and Australian iron ore increased by $ 3.25 to $ 103.65 per ton, Feng Xin said. The Central News Agency on Monday reported that after the United States cut its special tariffs on Turkish steel products from 50 percent to 25 percent on May 17, the expected rise in Turkish steel exports to the United States raised scrap prices. According to Cheng, the collapse of the Brazilian dam in January could also affect the production and shipment of iron ore, which will increase the cost of steel production and therefore drive up world steel prices. Feng Xin said he is still conservative this year but expects the high-margin rebar business to continue to contribute to sales and profits. The company also strives to develop special new products for downstream consumers and reduce operating costs through the use of new energy-saving equipment. Feng Hsin's net profit in the last quarter was NT $ 679.49 million (US $ 21.6 million), up 1.26 percent from NT $ 671.03 million. $ a year earlier. > Earnings per share improved slightly from 1.15 nt to 1.17 nt, but gross profit fell 2.86 percentage points to 11.06 percent.
