Date: May 27, 2017
By: Kuo Chia-erh / Staff reporter
China Steel Corp (CSC, 中鋼), the nation’s largest and only integrated steelmaker, yesterday said it would lower steel prices by 5.28 percent on average for shipments in the third quarter in response to fluctuations in global markets.
Prior to the cut, the steelmaker had raised prices by 12.6 percent and 6.9 percent for deliveries in the first and second quarter respectively to reflect soaring raw material costs.
Given decreasing global steel prices, the latest adjustment would ensure that its downstream customers can compete with their peers overseas, as some of them are facing fierce competition from cheap steel plate imports in Taiwan, CSC said in a statement.
Based on the adjustment, CSC is to lower prices of its products by NT$1,142 (US$37.91) per tonne for next quarter’s contracts, it said. [FULL STORY]