China Steel Corp (中鋼), Taiwan's biggest steelmaker, plans to raise domestic selling prices for the fourth quarter to match increases in the US, Europe, Japan and China.
The company plans to raise its prices, starting from NT$284 (US$8.30) a ton to NT$500 (US$14.73) a ton for six types of steel, it said in a statement.
Prices of hot-rolled steel, used for pipes and tubes, will rise an average NT$373 (US$11) a ton, the company said, without disclosing current prices.
The average price of cold-rolled steel, used for making auto frames, home appliances or processed into galvanized steel sheets, will rise by NT$369 (US$10.87)a ton, it said.
China Steel, which sells about 70 percent of output at home, has raised hot-rolled and cold-rolled steel prices by more than 40 percent since the second quarter of 2002, according to its last reported base selling price in the first quarter of 2002.
China's surging demand is pushing up international prices.
China's imports of steel, used in making cars and construction, surged 55 percent to 22 million tonnes in the first seven months of this year, the International Business Daily reported, citing customs statistics.
Meanwhile, China Steel is proposing a joint venture steel mill with Formosa Plastics Group (台塑), with an eye on the Chinese market, a Chinese-language newspaper said yesterday.
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