China Steel Corp (中鋼), the nation’s largest steelmaker, yesterday raised domestic prices across the board for next month on the back of robust seasonal demand and inventory restocking by downstream clients.
The Kaohsiung-based company raised prices by NT$1,000 to NT$1,200 per tonne, its fifth consecutive monthly increase.
The move came as the World Steel Association on Tuesday reported that global steel demand is expected to grow 0.3 percent this year to 1.724 billion tonnes and increase 2.2 percent next year to 1.762 billion tonnes, signaling a recovery in the industry.
Photo: CNA
While market fundamentals are improving and momentum in the steel market is picking up, China Steel said that tensions in the Middle East have boosted global crude oil prices to about US$100 per barrel, driving up shipping and raw material costs, with iron ore at US$100 to US$110 per tonne and coking coal at US$230 to US$240 per tonne.
As raw material and energy costs for steelmaking continue to rise, major global steelmakers have raised prices.
In the US, Nucor Corp this week increased prices for the 13th time, with hot-rolled steel prices climbing above US$1,150 per tonne, a two-year high, while production cuts and the implementation of import quotas in Europe also pushed hot-rolled steel above US$820 per tonne this month, China Steel said.
In Asia, China’s Baoshan Iron & Steel Co (寶鋼) and Vietnam’s Hoa Phat Group raised prices, with prices for hot and cold-rolled steel in the region increasing by more than US$100 to US$120 per tonne since the start of the year, it said.
With global steel prices continuing their strong upward momentum, China Steel said its price hikes for next month reflect its cost structures and market conditions, and align with global steel prices and demand trends.
The adjustments would see the company’s hot-rolled steel plates and coils increase by NT$1,200 per tonne, cold-rolled coils by NT$1,200 per tonne, and electro-galvanized coils, hot-dip galvanized coils for construction and coating, hot-dip galvanized coils for home appliances and electrical steel coils by NT$1,000 per tonne, China Steel said.
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