5/29/2012 8:36:00 AM
NEWS BRIEFS
Taiwan’s China Steel Unable To Raise Prices
Facing weakening global economic growth momentum, China Steel Corp. of Taiwan said it will hold the line on domestic steel prices for July and August, the Taipei Times reports.
Lackluster demand has kept a lid on prices for much of the year, and analysts do not expect substantial price hikes anytime soon.
China Steel said it would keep prices unchanged for five types of products: steel plates, steel bars and rods, hot-rolled sheets and coils, electro-galvanized sheets and electrical sheets.
Prices for cold-rolled sheets and coils and for hot-dipped, zinc-galvanized sheets and coils used for automobiles will be reduced by about NT$450 per ton for July and August.
“While Taiwan’s economy is expected to improve gradually in the second half, we decided to keep most prices unchanged after taking into account the potential impact of global political and economic uncertainties, as well as domestic fuel and power price increases, on downstream customers,” China Steel said in the statement.
China Steel has been unable to raise domestic prices significantly in 2012 because of global economic conditions.
In February, the company increased prices for delivery April and Mayby an average of 1.11% after it kept prices unchanged for March and lowered January-February prices by an average of 7.08% per ton. ©2012 GlobalFastenerNews.com
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