China Steel Corp (中鋼) yesterday said it would raise domestic steel prices by up to NT$1,200 (US$39.59) per tonne for delivery next month, citing rising raw material costs and an upward trend in global markets.
The rising costs of iron ore and coking coal, along with robust post-COVID-19 pandemic demand in China, Europe and the US on the back of inventory replenishment, and Beijing tightening control on crude steel production, boosted market outlook for the second quarter, the nation’s only integrated steelmaker said in a statement.
China Steel said its price increases reflected price hikes by its international peers, including US-based Nucor Corp and Cleveland-Cliffs Inc, South Korea’s Hyundai Steel Co and China’s Baowu Steel Group Ltd (寶武鋼鐵).
Photo: Tyrone Siu, Reuters
China Steel’s price increases followed similar moves in December last year and last month. It at the time cited robust restocking demand for steel used in vehicles, home appliances and machinery.
The company’s latest adjustments are to increase prices of hot-rolled steel plates and hot-rolled carbon steel by NT$1,200 per tonne each, while the price of hot-rolled steel coils would rise by NT$900 per tonne, it said.
The price of cold-rolled steel coils would increase by NT$1,000 per tonne, the company said.
Prices of hot-dipped, zinc-galvanized steel coils used in construction and enameled steel would rise by NT$1,000 per tonne, while those used in home appliances and computers would increase by NT$600 per tonne, it said.
The price of electrical sheets would rise by NT$600 per tonne, it added.
Last week, the company reported that consolidated revenue last month decreased 15.26 percent month-on-month and dropped 34.43 percent year-on-year to NT$26.24 billion, saying it was due to the Lunar New Year holiday resulting in fewer working days in the month.
The company said revenue outlook for this quarter remains promising in light of robust inventory replenishment from customers and an uptrend in global steel prices.
The company said it expects market momentum to remain solid through next quarter, a traditional high season for the industry, citing a gradual recovery in the global economy and reconstruction demand after a devastating earthquake struck Turkey and Syria last week.
For the whole of last year, the steelmaker’s pretax profit reached NT$23.26 billion, down 72 percent from 2021, as revenue fell 4.01 percent to NT$449.57 billion, data released on Jan. 31 showed.
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