Major Taiwanese steel producer China Steel Corporation (CSC) has announced local flat steel prices increase for July amid expected improvement in demand as covid-19 epidemic has started to ease and the overall outlook for the second half of the year is positive. At the same time, the company has adjusted down its second quarter prices for some products, including plate, which have been still settled on a quarterly basis.
The hot rolled coil (HRC), cold rolled coil (CRC) and hot dip galvanized coil (HDG) prices of CSC for July have added NTD 450/mt ($15/mt) after NTD 900/mt decline for June. Its ECS prices have remained the same, the company said in its statement. Bar and rod prices have been left unchanged.
Third quarter prices for plate, bars and rods, as well as some specific kinds of HRC and CRC have been lowered by NTD 500/mt ($16.6/mt).
“Owing to the coronavirus pandemic, the Taiwan steel industry suffered from slumping demand, contracted export orders, and hesitant purchase in the first half. However, as more countries commence to ease lockdown and release stimuli policies in the second half, the economy would regain growth momentum in the near future,” CSC stated. The second half of the year is usually better for steel demand in Asia due to seasonal factors and overall better sentiments will push prices up.
