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The Taipei Times, the largest Taiwanese company China Steel Corp, reported that it raised domestic steel prices by an average of 5.02% on October 12 and expects prices to rise until December amid growing demand.
Hot-rolled and cold-rolled steel prices will rise by NT $ 1,100 per tonne, while prices for hot-rolled and cold-rolled steel will increase by NT $ 1,200 per tonne.
Hwang Chien-ji, executive vice president and spokesman for CSC, said the pricing committee decided to raise prices as recovering economies in the US and Europe helped boost demand, which was reflected in a recovery in the purchasing managers' index, among other factors such as price changes for materials.
The CSC said in a statement that the hot-rolled steel price in the United States has surpassed $ 700 per tonne, reflecting a rebound in steel consumption after the market was confused by the COVID-19 pandemic.
