Taiwan’s China Steel Corporation announced domestic steel prices for the first quarter 2020 would decrease by an average of 3.03%, Fastener + Fixing Magazine reports.

Prices for bars and rods will reduce by TWD 1000/tonne.

“Although the global steel market atmosphere is expected to turn optimistic in the near future, and the recession cycle of steel industry is anticipated to come to an end,” CSC decided on price cuts “to assist downstream customers to de-stock and enhance their export competitiveness,” according to Fastener + Fixing.

CSC added that steel makers have seen profitability hurt by increased costs of ironmaking raw materials and the sharp decline in steel product prices.

It added that the price decision would help narrow the price gap between quarterly price announcement and international market prices, Fastener + Fixing reports.