SOLID DEMAND: With production in the U.S., Europe and India picking up again, the company decided to increase its rates “gently but steadily”, the company said.
China Steel Corp, Taiwan’s largest steel producer, said yesterday that it will increase steel prices for domestic deliveries by an average of 1.28 percent as the global economic recovery boosts global demand for steel products.
Amid solid demand for steel products, the Kaohsiung-based company has been raising prices for six months in a row, it said.
The price increases correspond to an increase in the price of hot-rolled steel as demand for materials used in the manufacture of automobiles, home appliances and sports equipment has risen in the US, Europe and India, China Steel said, adding that economic uncertainties since last week’s US presidential election have been resolved.
In China, strong demand for steel this quarter has driven up prices for cold-rolled steel during the industry’s traditional peak season, it said.
China Steel “understands the costs of downstream producers,” the company said, adding that it will continue to work to “maintain the competitiveness of the steel industry as a whole.
A “soft but stable” increase of 1.28 percent was therefore chosen to “reflect the hot market and the strength of the new Taiwan dollar”.
Given the small price adjustment, China Steel could raise prices again in the first quarter of next year, it said.
For the time being, prices for cold rolled steel, hot rolled steel, steel plate and steel bars will increase by NT$300 per tonne next month, the company said, adding that the price of galvanized steel will remain the same.
Source: taipeitimes.com
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