Daily Steel News - 24 Feb 2009

Feng Hsin drops rebar, section prices
Taiwan’s Feng Hsin Iron and Steel has announced to adjust down its price this week. The company is dropping its domestic rebar prices by NT$1,000/ton and section by NT$500/ton. The company’s rebar price is now about NT$19,800/ton. Price of section is in a range of NT$19,000~19,200/ton. The company unchanged its scrap purchasing price at the range of NT$7,100~7,600/ton.

China aiming to export 70 million tons of steels in 2009
China is launching series of plans and new policies in order to cope with sliding steel export and aiming to export 70 million tons of steels this year. Statistics shows that In January, China sold only 1.91 million tons of steels to foreign market, which is down by 54 percent in comparison with last January’s level. China will adopt more flexible tax rate and adjust targeting markets to reach its goals. It will focus more on Asian market and African market in coping with pressures from American and European market. China will also expand domestic steel consumptions especially in construction and automotive industries.