Posted on 16 Oct 2024
Taiwan-based China Steel Corp lifted its November offers amid an improved steel market since mid-September due to better funding environment, higher costs and conventional peak season, Kallanish notes.
CSC added TWD 900/t ($28/t) to its standard HRC offer and hot dip galvanized steel coil for November sales. TWD 1,200/t price growth was targeted for HRC for rolling, while CRC and special steel prices rose TWD 700/t.
The price growth of the company was however lower than some of its competitors.
By comparison, ArcelorMittal rose HRC by EUR 40/t ($44/t). Baosteel, Angang and Bengang hiked flats offers for November by CNY 500-550/t (see Kallanish passim).
Formosa Ha Tinh Steel in Vietnam raised HRC by $30/t.
In addition to stabilising of the global economy, driven by the US Fed rate cut and Chinese stimulus policies, Taiwan's private investment and consumption warmed up and the GDP growth rate was assessed to be 3.9%.
The cumulative automobiles sales in Taiwan reached 344,000 units in nine months through September, down 1.6% y-o-y, but the auto used steel demand remained at high level, according to CSC.
Worldsteel expects global steel demand to rebound 1.2% y-o-y in 2025 after the 0.9% decline forecast for this year.
Source:Kallanish
