NEWS BRIEFS
Asian Wire Rod Prices Dropping
Asian steel prices are falling as the region’s economic growth slows.
Reduced demand from slowing domestic growth prompted Taiwan’s China Steel Corp. to cut prices on wire rod and other steel products for September, Bloomberg reports.
CSC said prices will fall by an average 5% for September contracts.
Wire rod and bar prices were cut by an average of NT$1,300, while prices of hot-rolled coil will fall by an average of NT$992 and cold-rolled steel by NT$949.
Electro-galvanized sheet prices will drop NT$1,000 a ton; electrical sheets by NT$929; and hot-dipped zinc-galvanized sheets by NT$1,200.
The price cuts will be the biggest since the 7% reduction for January and February contracts announced last Nov. 24, according to Bloomberg.
“Taiwan’s government lowered its economic growth forecast for the year after gross domestic product expanded at the slowest pace in more than two years in the first quarter,” with production of base metals and machinery declining, Bloomberg reports.
The news comes days after China’s Baoshan Iron & Steel cut August prices by 4.6% to 5.6%, according to Reuters. The reduction is China’s largest steelmaker’s second price decrease of 2012.
Shanghai-based Baosteel reduced hot-rolled coil prices by 200 yuan ($31) per ton and cold-rolled coil prices by 260 yuan ($41) per ton for August. ©2012 GlobalFastenerNews.com
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