China Steel Corp (CSC, 中鋼) yesterday announced it would cut quoted steel prices by an average of 3.03 percent on the domestic front for the first quarter of next year to boost market demand and help customers with inventory closeout.
Prices for steel plates would be lowered by NT$1,174 (US$38.47) per tonne, while steel bars and rods would fall by NT$1,000 per tonne, the Kaohsiung-based steelmaker said in a statement.
The company would also lower prices for hot-rolled sheets and coils by NT$1,187 per tonne and cold-rolled products by NT$1,000 per tonne, it said.
To help sharpen customers’ competitive edge in the global market, CSC is to reduce prices for electro-galvanized and electrical coils by NT$900 per tonne and drop prices for hot-dipped, zinc-galvanized sheets by NT$1,078.
While worldwide demand for steel might increase 1.7 percent to 1.81 billion tonnes next year, as predicted by the World Steel Association, CSC said that demand in the local market is expected to remain tepid in the first quarter, as the Lunar New Year would cut the number of working days.
Nevertheless, the company said it has regained some confidence, given price increases in the US.
Peers in India, Brazil and Russia have raised raw material prices for hot-rolled sheets and coils, it said.
CSC executive vice president Hwang Chien-chih (黃建智) last week told reporters that European steelmakers are cutting production to boost demand.
The company hopes that Taiwanese companies returning home will add up to 200,000 tonnes in shipments of steel plates and H-beams, Huang said.
CSC is to supply up to one-third of steel for Taiwan’s emerging offshore wind farms over the next five years, an estimated 120,000 tonnes per year, Huang said.
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