China Steel Corp’s (中鋼) profit declined last month from the previous month after costs increased at the nation’s largest producer of steel.
Pre-tax profit fell almost 10 percent to NT$4.7 billion (US$149 million) from NT$5.2 billion reported in March, based on a filing from the Kaohsiung-based company on Monday.
Profit more than tripled from a year earlier, when the global financial crisis eroded earnings.
Steelmakers, paying 90 percent more for iron ore, have to raise prices to pass on higher raw material costs, the World Steel Association said.
China Steel, which announced a 10 percent increase in prices last month, may have to further raise prices to recoup expenses.
“Steel prices aren’t rising as fast as costs,” said Peter Tzeng (曾耀德), a Taipei-based analyst at Polaris Securities Co (寶來證券), who has an “equalweight” rating on China Steel shares. “It is a case of miners and steelmakers fighting over profits.”
China Steel rose 1.4 percent to close at NT$32 yesterday.
The World Steel Association last month called on authorities globally to examine the iron ore market after Brazil’s Vale SA won a 90 percent price increase from Japanese mills for quarterly contracts that started on April 1.
Posco, Asia’s third-biggest steelmaker, raised prices for its products this month by as much as 25 percent because of escalating costs.
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