China Steel Corp (
The company will raise prices by an average of 0.48 percent, China Steel president Chen Yuan-cheng (
China Steel is boosting capacity to meet rising demand from construction companies and manufacturers as the economy grows. The nation's GDP expanded 5.07 percent in the second quarter from a year earlier, the statistics bureau said on Thursday.
``The overall market is fine,'' Chen said. "There's a shortage of steel plates because of demand from shipbuilding companies."
The company will increase the price of steel plates by NT$630 (US$19) a tonne and electrical sheets by NT$300 a tonne, the steelmaker said in a statement.
Prices of other products will be unchanged. Electrical sheets are used in home appliances and roofing.
China Steel shares fell NT$0.8, or 2 percent, to close at NT$39.3 on the Taiwan Stock Exchange yesterday. The stock has advanced 12.8 percent this year, compared with a 9.7 percent gain in the benchmark TAIEX.
On Monday, Baoshan Iron & Steel Co (