Taiwan’s steel exports for the first half of this year fell by nearly 20 percent as oversupply sent product prices into a tailspin, according to the Ministry of Economic Affairs.
The ministry said that expanded steel production capacity in China, one of the largest steel suppliers in the world, has exacerbated the global supply glut, adding that the impact from the oversupply was more visible in the Asia-Pacific region.
The ministry said that as the global economy showed signs of weakening, demand for steel products has been declining, dragging product prices even lower, which hit exports of Taiwan’s steel exports hard over the past six months.
Ministry statistics showed that from January to June, the value of steel exports fell by 19.4 percent year-on-year to US$4.3 billion.
China, which is the largest buyer of Taiwan’s steel exports, accounted for 13.7 percent of total outbound sales, ahead of the US with 12.8 percent and Japan with 6.7 percent, the data showed.
During the same period, steel exports to China fell by 17.7 percent from a year earlier following the imposition of additional duties on steel product imports in July last year by the Chinese government, the ministry said.
Taiwanese steel exporters have also been affected by the depreciation of the Japanese yen over the past six months, which has resulted in a 24.3 percent decline in exports to Japan from a year earlier, the ministry added. Exports to the US fell by 0.5 percent year-on-year.
Taiwan’s steel imports for the first half of this year totaled US$4.2 billion, down 17.2 percent from a year earlier, the ministry’s data showed.
The ministry said that Japan was the largest steel supplier to Taiwan, accounting for 30.7 percent of total imports, followed by China with 25.4 percent, Russia with 8.1 percent and the US with 7.3 percent.
In the first five months of the year, production value in the local steel sector fell by 9.7 percent from a year earlier to NT$464.1 billion (US$14.61 billion), the ministry said.
Of the many steel product categories, hot rolled steel plate makers suffered the steepest decline in output, which dropped 21.6 percent from a year earlier to NT$99 billion, it added.
The production index for the local steel industry fell by 2.1 percent year-on-year for the first five months of the year to 98.46, with the subindex for the hot rolled plate segment down 7.7 percent from a year earlier, ministry data showed.
STEPPING UP: The firm has also asked employees to work in split shifts from this week and to halt all but essential overseas business travel from next month Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) has implemented a remote work policy for employees not on production lines in an attempt to curb the spread of COVID-19, the world’s largest contract chipmaker said yesterday. This is the first time in the Hsinchu-based company’s history that it has launched a large-scale remote work policy, joining global technology companies, such as Apple Inc and Google, that encourage employees to work from home. The chipmaker has also asked employees to work in split shifts from this week, it said. As the number of virus infections continues to climb worldwide, TSMC has urged employees to halt unnecessary
Manufacturers are on a mission to produce desperately needed medical ventilators for the COVID-19 pandemic, even if it means converting assembly lines now making auto parts. Along with a shortage of masks and gloves, the spread of COVID-19 to almost every corner of the globe has highlighted a great need for specialized machines that help keep severely afflicted patients alive. “As the global pandemic evolves, there is unprecedented demand for medical equipment, including ventilators,” GE Healthcare chief executive officer Kieran Murphy said. The group has hired more workers and is making ventilators around the clock. Swedish group Getinge AB is also ramping up output
Facing the rapidly evolving global COVID-19 pandemic, Citibank Taiwan Ltd (台灣花旗) has proactively taken precautionary measures. “The health and safety of our colleagues and their families, as well as our clients and the communities we serve, are of the utmost importance. We continue to take proactive measures to preserve their well-being while we maintain our ability to serve our clients,” Citibank Taiwan chairman Paulus Mok (莫兆鴻) said in a statement yesterday. “We have local and regional contingency plans in place, and we have well-established business continuity plans for the firm. We are monitoring the situation closely, adjusting our operations accordingly,
GoShare, an electric scooter sharing service provider with Gogoro Inc (睿能創意), plans to expand to Tainan next quarter in a strategic alliance with Aeon Motor Co (宏佳騰). The company currently offers its services in Taipei and Taoyuan. “Tainan is very popular among tourists. The city receives an average of 22.94 million tourists every year,” GoShare head Henry Chiang (姜家煒) told a news conference yesterday in Taipei, citing Tourism Bureau statistics. “Besides, the city has a long history of riding scooters,” he said. Each household owns an average of 2.5 scooters, he added. “Expanding presence” is one of four strategies GoShare is adopting for this