Taiwanese Wei Chih gets rebar order from US

Taiwanese Wei Chih gets rebar order from US

According to recent news in the market, Taiwanese Wei Chih Steel Industrial Corp, following the lifting of restriction on exports of steel products last week, has recently received order for 25'000 tons of rebar from two US buyers. Wei Chih Steel was allowed to export only 1'750 tons monthly, during the time when the restriction on export of steel products was in place. Wei Chih produces 500'000 tons of rebar and 100'000 tons of billets per annum. Taiwan Bureau of Foreign Trade (BFT) implemented license requirement for exports of steel products to be in effect as of March 11, 2004 to procure steel availability in domestic market as the prices were fairly high at those times. In Taiwan, current rebar price is at the level of NTD 13'500 per ton ($405).