China Steel cuts steel prices for the first quarter of next year

China Steel Corp announced that it will cut steel prices by an average of 3.03 percent domestically in the first quarter of next year to boost market demand and help buyers close inventories.

Steel sheet prices will be reduced by USD 38.47 per ton.
The company will also cut prices for hot-rolled sheets and coils, as well as cold-rolled products.

To help increase the competitive advantage of customers in the global marketplace, CSC must lower prices for hot-dip galvanized sheets.

While global steel demand could increase 1.7 percent to 1.81 billion tonnes next year, as predicted by the World Steel Association, CSC said local market demand is expected to remain cold in the first quarter. since Lunar New Year will shorten the number of working days.

However, the company said it had regained some confidence given the rise in US prices.

Similar companies in India, Brazil and Russia have raised prices for raw materials for hot-rolled sheets and coils, he said.

Last week, CSC executive vice president Hwang Chien-chi told reporters that European steelmakers are cutting production to boost demand.

CSC hopes that Taiwanese companies returning home as consumers will add up to 200,000 tonnes to their steel plate and beam supplies, Huang said.

Huang said CSC will supply up to a third of the steel for new offshore wind farms in Taiwan over the next five years, which is approximately 120,000 tonnes per year.