China Steel Corp (CSC, 中鋼), the nation’s largest steelmaker, yesterday raised prices for domestic deliveries next month by as much as NT$1,200 per tonne, matching a nascent rebound in Asian prices amid expectations that an economic stimulus package in China would prop up demand.
The latest price hikes apply to all of CSC’s steel categories as the global steel industry embraces a recovery, the company said in a statement.
To help its downstream customers cope with the global upcycle in the industry, it would take a flexible approach to price adjustments, the Kaohsiung-based steelmaker said.
Photo: AFP
The company hiked prices for processed hot-rolled steel coils by NT$1,200 per tonne and hot-rolled plates by NT$900 per tonne, while raising prices for galvanized steel coils used in construction by NT$900 per tonne, it said.
Prices for galvanized steel coils used in home appliances and computers, cold-rolled steel coils, electro-galvanized steel coils and electrical steel coils would be increased by NT$700 per tonne, it added.
The global steel recovery was driven by Beijing’s efforts to stimulate economic growth, which has led to surges in commodity prices and propped up the local manufacturing sector’s confidence, CSC said.
Global prices for iron ore jumped to about US$110 per tonne from US$100 last month, while the costs of coking coal climbed to more than US$200 per tonne from US$180 per tonne, the company said.
The upticks in raw material prices increased steel manufacturing costs, it said.
On the demand side, prospects are turning positive, the World Steel Association said on Monday, projecting that global steel demand would grow 1.2 percent annually to 1.77 billion tonnes next year amid cooling inflation and increasing government spending.
As a result, global steel prices have rebounded, CSC said.
ArcelorMittal SA, the world’s biggest steelmaker, has hiked its prices to US$44 per tonne for hot-rolled steel products, while Chinese steelmakers Baowu Steel Group Ltd (寶武鋼鐵) and Angang Steel Group Co (鞍山鋼鐵) have raised steel plate prices by between US$71 per tonne and US$79 per tonne for deliveries next month, it said.
Vietnam-based Formosa Ha Tinh Steel Corp (台塑河靜鋼) raised prices by US$30 per tonne for hot-rolled steel products, it added.
UNPRECEDENTED PACE: Micron Technology has announced plans to expand manufacturing capabilities with the acquisition of a new chip plant in Miaoli Micron Technology Inc unveiled a newly acquired chip plant in Miaoli County yesterday, as the company expands capacity to meet growing demand for advanced DRAM chips, including high-bandwidth memory chips amid the artificial intelligence boom. The plant in Miaoli County’s Tongluo Township (銅鑼), which Micron acquired from Powerchip Semiconductor Manufacturing Corp (力積電) for US$1.8 billion, is expected to make a sizeable capacity contribution to the company from fiscal 2028, the company said in a statement. It would be an extended production site of Micron’s large-scale manufacturing hub in Taichung, the company said. As the global semiconductor industry is racing to reach US$1 trillion
Singapore-based ride-hailing and delivery giant Grab Holdings Ltd has applied for regulatory approval to acquire the Taiwan operations of Germany-based Delivery Hero SE's Foodpanda in a deal valued at about US$600 million. Grab submitted the filing to the Fair Trade Commission on Friday last week, with the transaction subject to regulatory review and approval, the company said in a statement yesterday. Its independent governance structure would help foster a healthy and competitive market in Taiwan if the deal is approved, Grab said. Grab, which is listed on the NASDAQ, said in the filing that US-based Uber Technologies Inc holds about 13 percent of
Taiwan’s food delivery market could undergo a major shift if Singapore-based Grab Holdings Ltd completes its planned acquisition of Delivery Hero SE’s Foodpanda business in Taiwan, industry experts said. Grab on Monday last week announced it would acquire Foodpanda’s Taiwan operations for US$600 million. The deal is expected to be finalized in the second half of this year, with Grab aiming to complete user migration to its platform by the first half of next year. A duopoly between Uber Eats and Foodpanda dominates Taiwan’s delivery market, a structure that has remained intact since the Fair Trade Commission (FTC) blocked Uber Technologies Inc’s
Memory chip stocks extended their losses yesterday after Alphabet Inc’s Google publicized research that could allow more efficient use of the storage needed for artificial intelligence (AI) development. SK Hynix Inc and Samsung Electronics Co, South Korean leaders in the market, fell more than 6 percent and about 5 percent respectively in Seoul. In the US, Micron Technology Inc, Western Digital Corp and Sandisk Corp slid more than 2 percent in pre-market trading, after they all closed lower on Wednesday. Memory companies have been on a tear in recent months as the rapid development of AI infrastructure triggered a spike in chip
RSS