China Steel Corp (CSC, 中鋼), Taiwan’s largest integrated steelmaker, yesterday announced it is raising domestic prices of all products next month, as the global steel market is recovering amid strong demand, higher raw material costs and tight supply.
The move came after the US-Israeli war on Iran drove up prices for crude oil, shipping, energy and alloys, leading to an increase in operating costs, CSC said in a statement.
Raw material costs remain elevated, with iron ore rising to about US$113 per tonne, close to a two-year high, while metallurgical coal holds at about US$240 per tonne, it said.
Photo: Fang Wei-chieh, Taipei Times
Against this backdrop, the Kaohsiung-based company is raising prices by NT$500 to NT$1,200 (US$15.88 to US$38.12) per tonne, its sixth consecutive monthly increase.
The adjustments would see the prices of benchmark hot-rolled steel plates and coils and cold-rolled steel coils increase by NT$1,200 per tonne, CSC said.
The company is increasing the price of anti-fingerprint electro-galvanized steel coils by NT$1,000 per tonne and raising the price of hot-dip galvanized coils for construction and coating by NT$1,200 per tonne, it said.
The price of hot-dipped galvanized steel coils, used for home appliances, computers and other electronic products, is to rise by NT$1,000 per tonne, while the price of electrical steel coils would increase by NT$500 per tonne, it added.
In Asia, China’s Baoshan Iron & Steel Co (寶鋼) on Monday increased its product prices for next month by 100 yuan to 200 yuan (US$14.71 to US$29.41) per tonne, while Vietnam’s Hoa Phat Group and Formosa Ha Tinh Steel Corp (台塑河靜鋼鐵興業) increased their prices by US$50 to US$58 per tonne, CSC said.
In the US, Nucor Corp this week increased prices for the 16th time, with hot-rolled steel prices surpassing US$1,170 per tonne, the highest in two years, while production cuts and the implementation of import quotas in Europe led steel prices there to continue climbing, it said.
Analysts at Yuanta Securities Investment Consulting Co (元大投顧) said in a note yesterday that the price uptrend is expected to continue into the third quarter of this year.
CSC’s continued price hikes in the peak season this quarter could lift the company out of a trough last quarter, when it reported a net loss of NT$2.45 billion and revenue decreased 4.82 percent year-on-year to NT$79.16 billion.
The company on Monday reported revenue last month increased 2 percent year-on-year to NT$30.8 billion, the highest since June 2024, indicating the effect of price hikes and shipment growth.
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