Taiwan’s China Steel Corp. announced its price adjustments report for the third quarter of 2020.

Among the products, the price for wire rod is down NTD 500 per metric ton; the price for hot rolled medium/high carbon steel and tool steel is down NTD 500 per metric ton; and the price for automotive materials is down NTD 500 per metric ton.

“The recent outbreak of the coronavirus has severely impacted global consumption, trade and investment,” CSC stated.  “The Epidemic disrupted global supply chains and delayed shipments, which undermined Q1 economic performance.”

In Q1, GDP growth fell 4.8% in the U.S. and 6.8% in China, while GDP growth in Taiwan reached 1.54%.

In response, global leading mills have implemented production cuts and launched some blast furnaces halted temporarily.

“Chinese manufacturers are back to production effectively right now and hike prices for June owing to the rising demand.  Meanwhile, the United States mills have raised HR prices by US$ 50/Mt since late April due to higher raw material cost.”

Taiwan’s steel industry suffered from slumping demand, contracted export orders and hesitant purchases during the first six months of 2020.  Web: csc.com/tw