Posted on 16 Oct 2024
China Steel Corp (CSC, 中鋼), the nation’s largest steelmaker, yesterday raised prices for domestic deliveries next month by as much as NT$1,200 per tonne, matching a nascent rebound in Asian prices amid expectations that an economic stimulus package in China would prop up demand.
The latest price hikes apply to all of CSC’s steel categories as the global steel industry embraces a recovery, the company said in a statement.
To help its downstream customers cope with the global upcycle in the industry, it would take a flexible approach to price adjustments, the Kaohsiung-based steelmaker said.
The company hiked prices for processed hot-rolled steel coils by NT$1,200 per tonne and hot-rolled plates by NT$900 per tonne, while raising prices for galvanized steel coils used in construction by NT$900 per tonne, it said.
Prices for galvanized steel coils used in home appliances and computers, cold-rolled steel coils, electro-galvanized steel coils and electrical steel coils would be increased by NT$700 per tonne, it added.
The global steel recovery was driven by Beijing’s efforts to stimulate economic growth, which has led to surges in commodity prices and propped up the local manufacturing sector’s confidence, CSC said.
Global prices for iron ore jumped to about US$110 per tonne from US$100 last month, while the costs of coking coal climbed to more than US$200 per tonne from US$180 per tonne, the company said.
The upticks in raw material prices increased steel manufacturing costs, it said.
On the demand side, prospects are turning positive, the World Steel Association said on Monday, projecting that global steel demand would grow 1.2 percent annually to 1.77 billion tonnes next year amid cooling inflation and increasing government spending.
As a result, global steel prices have rebounded, CSC said.
ArcelorMittal SA, the world’s biggest steelmaker, has hiked its prices to US$44 per tonne for hot-rolled steel products, while Chinese steelmakers Baowu Steel Group Ltd (寶武鋼鐵) and Angang Steel Group Co (鞍山鋼鐵) have raised steel plate prices by between US$71 per tonne and US$79 per tonne for deliveries next month, it said.
Vietnam-based Formosa Ha Tinh Steel Corp (台塑河靜鋼) raised prices by US$30 per tonne for hot-rolled steel products, it added.
Source:Taipei Times
