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CSC to increase steel prices

Steel News - Published on Mon, 11 Mar 2019

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Taipei Times reported that Taiwanese steel giant China Steel Corp announced that next quarter it would raise domestic prices for most steel products to reflect rising raw material costs. It would hike the prices for benchmark hot-rolled sheets and coils by NT$490 per tonne and cold-rolled sheets and coils by NT$300 per tonne. The company would also increase the prices for electro-galvanized sheets by NT$300 per tonne, electrical sheets by NT$300 per tonne and hot-dipped, zinc-galvanized sheets by NT$350 per tonne. CSC said “To support the export competitiveness of domestic downstream customers, the company has decided not to adjust the prices for steel bars and rods, and steel plates. Low-priced steel products are no longer disrupting the global market, because the Turkish lira and Russian ruble are stabilizing, and their steel suppliers are reducing output due to maintenance.”

CSC added “In the meantime, major US steel mills; European steelmaker ArcelorMittal SA; and China’s Baoshan Iron & Steel Co, Wuhan Iron and Steel Corp and Angang Steel Co raised their prices at the beginning of this year, indicating that the market had bottomed out and is staging a rebound. In general, steel prices have increased by more than USD 50 per tonne from the low levels seen last year, while the rising costs of coking coal and iron ore, buoyed by seasonal factors and mining accidents in Brazil, have pushed steel prices further up.”

CSC expects the recovery to extend into next quarter, citing healthy supply-demand dynamics in Japan, South Korean steel mills’ rising export prices and higher steel demand in China as Beijing launches incentives to combat an economic slowdown.

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Posted By : Sanju Moirangthem on Mon, 11 Mar 2019
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