Taiwan records 30% growth in steel production in the first half of the year

The value of Taiwan's steel products in the first half increased by about 30 percent over the same period in 2016 as prices were higher.

The ministry said the steel industry's 2017 output is expected to hit $ 1 trillion ($ 33.33 billion) for the first time in three years, feeling a surge in higher prices.

Steel demand from shipbuilders, metalwork and equipment manufacturers, auto /motorcycle and home appliance suppliers is likely to grow as they seek to fill ever higher orders, the ministry said.

In the first six months of 2017, production rose 30% year-on-year to 559.1 billion AU as steel prices climbed amid the global economic recovery.

In terms of steel imports, China, Japan, Russia and South Korea were Taiwan's largest suppliers, accounting for 26.4 percent, 24.6 percent, 6.8 percent and 6.2 percent, respectively, of $ 4.7 billion.

At the same time, Taiwan's steel exports in the first seven months of the year rose 30.2 percent to $ 5.5 billion, with China occupying 13 percent, remaining the largest market, followed by the United States (12.3 percent), Japan ( 8.3 percent) and Vietnam (8.1 percent.

Exports to these markets showed double-digit growth over a seven-month period, with the US market recording the highest growth of 42.3 percent over the previous year.