HUNGRY FOUNDRIES:
Rising energy prices and costs for the iron ore and coking coal to feed the forges have caused the company to raise prices
By Chen Cheng-hui / Staff reporter
China Steel Corp (CSC, 中鋼), Taiwan’s largest integrated steelmaker, yesterday announced it is raising domestic prices of all products next month, as the global steel market is recovering amid strong demand, higher raw material costs and tight supply.The move came after the US-Israeli war on Iran drove up prices for crude oil, shipping, energy and alloys, leading to an increase in operating costs, CSC said in a statement.Raw material costs remain elevated, with iron ore rising to about US$113 per tonne, close to a two-year high, while metallurgical coal holds at about US$240 per tonne, it said.
The logo of China Steel Corp is pictured outside the company’s headquarters in Kaohsiung on Sept. 15 last year.
