CSC hikes steel prices by 5.02%

Posted on 14 October 2020

China Steel Corp (CSC, 中鋼), Taiwan’s largest steelmaker, yesterday raised domestic steel prices by an average 5.02 percent for delivery next month and said it expects price hikes to extend into December amid increasing demand, matching an uptrend in global steel prices.

The price of hot-rolled plate is to rise by NT$1,100 per tonne, while that of hot-rolled and cold-rolled steel are to both rise by NT$1,200 per tonne.

CSC executive vice president and spokesman Hwang Chien-chih (黃建智) said the pricing committee decided to hike prices, as recovering economies in the US and Europe helped boost demand as reflected in a rebound in the purchasing managers’ index, among other factors such as changes in material prices.

The price of hot-rolled steel has risen above US$700 per tonne in the US, reflecting a recovery in steel consumption after the market floundered amid the COVID-19 pandemic, CSC said in a statement.

“Domestic steel-using industries, such as construction, bicycle manufacturing and automotive, are all showing a clear increase in sales volume. Order visibility for the fourth quarter is becoming clearer. Steel prices are stablilizing, backed by higher costs of raw materials,” CSC said.

The price adjustments also factor in the effects of a strong New Taiwan dollar against the US dollar, the company said.

Source : Taipei Times