Walsin Lihwa Corp (華新麗華) yesterday lowered the prices of 300-series stainless steel products for delivery next month by as much as US$250 per tonne, due to drops in nickel and other raw material costs, as well as dampened demand amid an uncertain global economy.
The series of cuts was the first since January, ending four consecutive months of price increases.
“The COVID-19 pandemic ruined the confidence of the stainless steel market. There are few orders and customers are using up inventories at a slower pace,” Walsin Lihwa said. “We are cutting our prices to match customer demand.”
Photo courtesy of Walsin Lihwa Corp
Walsin Lihwa said that it has cut prices by US$250 per tonne for all 300-series stainless steel products to be exported to overseas customers.
For local orders, the prices of the 300-series stainless steel products would drop by NT$7,000 per tonne, it said.
Walsin Lihwa kept the prices unchanged for other types of stainless steel.
The share price of Walsin Lihwa yesterday jumped 2.97 percent after it unveiled a plan to acquire a 70 percent stake for 210 million euros (US$225.29 million) in Cogne Acciai Speciali SpA, a leading stainless steel manufacturer in Europe.
The Italian stainless steel supplier counts Mercedes-Benz AG and BMW AG among its key customers.
“The investment not only broadens our international reach. Through our complementary product offerings, manufacturing capabilities, certifications and sales channels, we expect to be able to extract significant synergies, expand and develop products for new markets, and deliver value to our customers through manufacturing services,” Walsin Lihwa chairman Chiao Yu-Lon (焦佑倫) said in a statement.
The strategic alliance with Cogne Acciai Speciali would help expand Walsin Lihwa’s stainless steel business and enhance its competitiveness, Chiao added.
Cogne Acciai Speciali posted record revenue of 645 million euros last year, up 42 percent from the 2020 fiscal year.
The company makes 500,000 tonnes of stainless steel, mostly for the vehicle, aviation, medical and machinery sectors.
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