Posted on 16 Apr 2024
Taiwan’s largest steelmaker China Steel Corporation (CSC) on Monday decided to maintain its quotations for May sales in Taiwan, Kallanish notes.
The decision is effective for all products with monthly pricing strategies, including hot rolled coils, CRC, plates, galvanized coils, and electromagnetic steel coil.
Earlier this month, China’s Baosteel lowered May offers by around CNY 100/tonne ($13.8/t). Formosa Ha Tinh Steel (FHS) in Vietnam lowered its latest monthly HRC prices by around $10/t last week. The price cuts adopted by these companies have put certain pressure on CSC.
However, CSC still chose to maintain offers despite stating that it had considered the Asian steel market to still be in an adjustment period. It hoped flat prices would help to stabilise market confidence. Previously, CSC also held or raised its April quotations. Some downstream companies responded angrily, with one source commenting, "We are not a cash machine."
Source:Kallanish
