The prices of steel of China raised by 1.9% in third quarter

Due to an increase in international prices, domestic product prices for delivery would raise by an average of 1.9% per tonne or NT $426 (US $14.23) in next quarter, pronounced by China Steel Corp. For this quarter’s deliveries, an average increase of 4.2% per tonne is followed when the growth marks its fourth consecutive quarter of price hikes. After a quarterly discussion where the domestic prices are to be decided, the China Steel stated that  hot-rolled items price is to rise by NT$495 per tonne and an increase in hot-dipped galvanized steel by NT$163 per tonne. The company stated that the alterations reflect an upfront in steel prices globally, mainly due to the rigid supplies in Japan and China. Referring to the World Steel Association statistics, the Kaohsiung based firm stated that on the back of an economic reclamation, steel demand is predicted to increase by 1.8% this year globally. According to the company, for next month’s shipment for hot-rolled items, the leading Chinese Steelmakers like Baoshan Iron & Steel Co. and Wuhan Iron &steel Corp have proclaimed hikes of US $23 to US $35 per tonne, whereas the previous month the US steel mills elevated hot-rolled products prices as high as US $970 per tonne, while the European steelmakers heightened their prices in between US $670 to US $700 per tonne. The company further added that the Taiwanese steelmakers have sustained by rising demands domestically for infrastructure as the economy recuperates, whereas they also go through the possible retributive tariffs from the EU and the US. Later on the company arrived on a result that the other three benchmark products prices for electric steel coil, electrogalvanized steel coil and cold-rolled steel continue to be unchanged.

• [Editor:janita]