China Steel Corp (CSC, 中鋼), the nation’s only integrated steel maker, yesterday raised its steel prices for March shipments on average by 1.2 percent, or NT$236 per tonne, as the market sentiment improves.
“Because the New Taiwan dollar depreciated against the US dollar and international steel prices rose, sales of downstream companies increase significantly, driving up domestic steel prices,” the company said in a press release yesterday.
Steel prices in Europe, the US and Japan are at a high level because of strong demand, the company said.
Although steel prices in China declined recently, the company expects demand will pick up after the Lunar New Year holidays, as current inventory in the country is low. Prices for iron ores and scrap iron, which are used to make steel, are also high, sustaining the steel prices, it said.
The company is optimistic about this year as the economic conditions in Europe, the US and China are expected to be better.
The company raised price of benchmark hot-rolled sheets and coils by NT$450 per tonne, while prices for cold-rolled sheets and coils, which are used mainly in the automobile industry, are to climb by NT$360 per tonne. The price for electro-galvanized sheets will climb by NT$500 per tonne, while prices for other products will remain the same, the company said.