China Steel Corp (中鋼), Taiwan’s largest steelmaker, yesterday said it would raise steel prices by an average of 1.28 percent for domestic delivery, as worldwide economic recovery boosted global demand for steel products.
Amid solid demand for steel products, the Kaohsiung-based company has been increasing prices for six months in a row, it said.
The price hikes match an uptick in prices for hot-rolled steel as demand for materials used in the manufacturing of automobiles, home appliances and sports gear picked up in the US, Europe and India, China Steel said, adding that economic uncertainties have dissolved since the US presidential election last week.
In China, strong steel demand this quarter boosted prices for cold-rolled steel during the industry’s traditional peak season, it said.
China Steel “understands downstream manufacturers’ costs,” the company said, adding that it would continue working toward “maintaining the overall competitiveness of the steel industry.”
Therefore it opted for a “gentle, but stable” increase of 1.28 percent to “reflect of the hot market and the strength of the New Taiwan dollar.”
Given the small price adjustment, China Steel might increase prices again in the first quarter of next year, it said.
For now, the prices for cold-rolled steel, hot-rolled steel, steel plates and steel rods would next month increase by NT$300 per tonne, the company said, adding that the price for electro-galvanized steel would remain the same.
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