China Steel Corp (中鋼), Taiwan’s largest steelmaker, yesterday said that it would raise steel prices by an average of 3.36 percent for domestic delivery in response to an uptrend in global steel and iron ore prices — the biggest price hikes in about two years.
China has returned to business, boosting demand for steel, while Brazil, the prime producer of iron ore, remains hard-hit by the COVID-19 pandemic, China Steel said, adding that this combination of factors has taken international iron ore prices to US$127 per tonne, the highest in six years.
Domestic steel prices in China have increased by US$40 per tonne, domestic and exported steel prices in Vietnam are to increase by US$45 per tonne and the export price for October delivery in Japan is to become US$550 per tonne, China Steel said in a statement.
Photo: Lin Ching-hua, Taipei Times
Supported by accommodative monetary environments and economic stimulus measures, the manufacturing sectors in the US, Europe and East Asia have shown signs of recovery, while manufacturing in Taiwan is also in a good position to recover, it said.
The Directorate-General of Budget, Accounting and Statistics forecast the nation’s GDP to grow 1.56 percent this year and 2.56 percent in the fourth quarter, indicating a recovery in the second half, it added.
In the fourth quarter, prices for steel plates would increase NT$800 per tonne, while electro-galvanized steel coils would increase NT$1,000 per tonne and steel rods would increase NT$750 per tonne, the company said.
China Steel said that it would also increase prices for most steel categories, with hot-rolled steel plates increasing NT$500 per tonne, cold-rolled coils NT700 per tonne and electrical steel NT$1,000 per tonne.
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