Posted on 16 Aug 2023
China Steel Corp. (CSC) yesterday announced to raise its base rate for September after a slight rise in August. Downstream manufacturers believed that the depreciation of the Taiwan dollar exchange rate increased the cost of imported raw materials and the lack of orders caused output cuts, so CSC had no choice but to raise prices to face sales pressure.
In addition, Asian steel mills have raised their offers one after another recently, showing that upstream mills all hoped to reverse current losses.
Local coil centers said that customers have replenished in the past month, and market circulation price has gradually picked up, especially hot-rolled coil (HRC) and cold-rolled coil (CRC) with the highest increase.
The September base rate of some pipe factories may be evaluated after Chung Hung Steel’s price announcement. But basically, the mainstream trend is still following the upstream mills.
Coated steel mills hoped that the fourth quarter will really usher in the peak season. However, it remains to be seen whether actual demand will recover after summer vacation in the European and American markets.
Source:Yieh
