China Steel Corp (中鋼), the nation’s largest steelmaker, yesterday raised steel prices by as much as NT$900 per tonne for domestic deliveries next month as the Asian steel market is rebounding from a months-long downturn.
The Kaohsiung-based steelmaker said it was raising prices following price upticks by Asian peers on expectations that steel supply from China and South Korea is shifting to a lower gear this year.
Global crude steel supply in the first half of the year dropped 1.1 percent annually, it said.
To reflect tightening supply, Chinese peers Baowu Steel Group Ltd (寶武鋼鐵), the world’s biggest steelmaker, and Angang Steel Co (鞍山鋼鐵) raised the prices of hot-rolled, cold-rolled and electro-galvanized steel products by between 100 and 200 yuan per tonne for deliveries next month, China Steel said in the statement.
South Korean steelmaker POSCO also hiked the prices of hot-rolled steel by about US$39 per tonne for domestic shipments next month, in another sign indicating that the Asian market is turning bullish, China Steel said.
Aside from a supply-demand rebalance, China Steel said it is raising prices to reflect higher raw material costs and transportation costs.
