China Steel hikes prices amid global trend

China Steel Corp (中鋼) yesterday said it would raise domestic steel prices by up to NT$1,200 (US$39.59) per tonne for delivery next month, citing rising raw material costs and an upward trend in global markets.

The rising costs of iron ore and coking coal, along with robust post-COVID-19 pandemic demand in China, Europe and the US on the back of inventory replenishment, and Beijing tightening control on crude steel production, boosted market outlook for the second quarter, the nation’s only integrated steelmaker said in a statement.

China Steel said its price increases reflected price hikes by its international peers, including US-based Nucor Corp and Cleveland-Cliffs Inc, South Korea’s Hyundai Steel Co and China’s Baowu Steel Group Ltd