Asian Steel Corp holds its prices for May steady

Asian Steel Corp yesterday held steady domestic steel prices for delivery next month, snapping four straight months of upticks as customers digest the effects of price hikes and macroeconomic factors.

The steelmaker said its move matched steps made by Chinese peers Baowu Steel Group Ltd, the world’s biggest steelmaker, and Angang Steel Co , which both paused price hikes for hot-rolled and cold-rolled steel for domestic delivery next month.

“Asian Steel Corp has been hiking prices following the global steel market’s uptrends since the beginning of this year, but it will take more time for the supply chains to pass the higher costs to downstream clients,” Asian Steel Corp said in a statement.