Steel prices increase in China for the second consecutive month by China Steel Corporation
China Steel Corp (CSC), Taiwan's largest steelmaker, has announced a price increase for major steel products for domestic deliveries in the upcoming month. This move comes amidst a stabilizing and advancing steel industry, as global steel prices improve due to uptrends in raw material costs.
Iron ore prices have risen to more than US$105 per tonne, while coking coal prices have climbed between US$185 and US$190 per tonne. These increases have led to stabilizing steel prices in the US and mild price rises for hot-rolled steel in the EU.
CSC's price hike applies to hot-rolled steel plates, steel coils, and cold-rolled coils, with an increase of NT$500 per tonne. Other steel items used in construction, PCs, and home appliances will also remain unchanged in price.
The company's headquarters is located in Kaohsiung, and about 64 percent of its steel shipments go to local customers. However, some local customers such as bolts and nuts producers are struggling to receive new orders.
CSC's business investment sentiment is improving due to easing US tariff uncertainties and clearer economic prospects. This is reflected in Taiwan's GDP growth forecast, which has been upgraded to 4.45 percent for this year, according to the government's statistics agency.
The price increases are expected to help CSC improve its profitability, which has been in the red since April due to slumping demand. The company reported NT$2.41 billion in losses in the first seven months of the year.
It is worth noting that China's Baoshan Iron & Steel Co has retained steel plate prices unchanged for next month. Meanwhile, Vietnam's Formosa Ha Tinh Steel Corp has hiked hot-rolled steel prices for a second consecutive month.
Despite the positive developments, the name of the chairman (Vorstandsvorsitzender) of China Steel Corp could not be found in the provided search results.
In conclusion, CSC's decision to increase steel prices indicates a positive outlook for the steel industry and the broader economy in Taiwan. However, the impact on local customers, particularly those in the manufacturing sector, remains to be seen.
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