Fri, Feb 24, 2006 - Page 11 News List

China Steel to raise select product prices

By Yu-huay Sun  /  BLOOMBERG

China Steel Corp (中鋼), Taiwan's largest steelmaker, said it will raise the prices of three products in the second quarter, the first increase in three quarters, as demand recovers from last year's slump.

Q2 hike

The price increases in the three months beginning April will range from NT$300 (US$9.2) to NT$430 a tonne, the Kaohsiung-based company said in a statement yesterday.

The steelmaker, which lowered prices about 20 percent in the last two quarters, will keep the prices of three other products unchanged and cut the price of one product.

The steel market in China, which absorbs about 10 percent of the Taiwanese steel maker's products, is recovering after prices fell 31 percent last year.

China lead

"Steel prices bottomed in China, leading prices in Asia higher," China Steel said in the statement.

"Buyers are gradually coming back from the sidelines," it added.

The Taiwan steelmaker said it will raise prices for hot-rolled steel by an average NT$430 a tonne.

Prices for bar-and-wire rods will also be increased by NT$300, and those for hot-dipped zinc-galvanized sheets will be hiked by NT$400.

Meanwhile, prices for cold-rolled steel, steel plates and electro-galvanized sheets will remain unchanged.

Prices for electrical sheets, however, will be lowered by an average of NT$950 a tonne.

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