Taiwan’s China Steel Corp. said it would raise domestic product prices by an average of 4.2% for deliveries in the second quarter to reflect an uptrend in global steel prices, the Taipei Times reports.

Based on the price adjustments, CSC would raise the prices for all products by an average of NT$914 (US$ 31.40) per ton for next quarter’s contracts.

The increase marks the third consecutive quarterly price hike by CSC.

The steelmaker said it would hike prices for benchmark hot-rolled sheets and coils by NT$912 per ton, NT$621 per ton for cold-rolled sheets and coils, and NT$543 per ton for steel plates.

“U.S. steel mills have increased prices for hot-rolled steel products by more than US$66 per ton, while Chinese steelmakers have boosted prices by between US$20 and US$30 per ton after Beijing pledged to cut steel output by 3.5 million tons this year,” CSC stated.

Global steel demand is forecast to grow by more than 1.5% this year.