China Steel Corp (CSC, 中鋼), the nation’s biggest steelmaker, yesterday raised steel prices by between NT$500 and NT$600 (US$16.67 and US$20) per tonne for domestic deliveries next month to reflect rising raw material costs and to align with global market trends.
Following the adjustments, prices of hot-rolled steel plates and coils, as well as cold-rolled coils would rise by NT$600 per tonne, the company said in a statement.
Other products, such as anti-fingerprint electro-galvanized steel coils for construction, hot-dipped galvanized steel coils for construction and pre-painting, hot-dipped galvanized steel coils for home appliances, computers and other products, and electrical steel coils, are to rise by NT$500 per tonne, it said.
Photo: CNA
The price hikes are milder than its Asian peers, as the company aims to support export-oriented, downstream partners to navigate the challenges from high US tariffs and exchange rate fluctuations, rejecting a proposal by the Ministry of Economic Affairs a day earlier to give special price discounts or concessions to support the local automotive industry, CSC said.
The Kaohsiung-based company’s latest price adjustments came as prices of major raw materials such as iron ore and coking coal climbed to US$100 and US$180 per tonne respectively, it said.
Higher raw material costs also boosted hot-rolled steel prices to about US$950 per tonne in the US and pushed up hot-rolled steel quotes in Europe by US$22 per tonne, while China’s Baoshan Iron & Steel Co (寶鋼) raised prices for its steel plates by 200 yuan to 300 yuan (US$27.88 to US$41.81) per tonne and Vietnam-based Formosa Ha Tinh Steel Corp (台塑河靜鋼鐵興業) hiked its hot-rolled steel by US$11 per tonne, CSC said.
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