By Lisa Wang
/ Staff Reporter
China Steel Corp (CSC, 中鋼), Taiwan’s largest integrated steelmaker, yesterday announced that it would cut steel prices by NT$800 per tonne across the board for domestic delivery next month, a larger reduction than the NT$300 reduction for this month’s deliveries.The price cuts cover products ranging from hot-rolled coils, hot-rolled plates and regular cold-rolled plates to electro-galvanized steel coils, galvanized steel coils and electrical steel coils, the Kaohsiung-based company said in a statement.CSC is matching price cuts by its Asian peers, including Vietnam’s Hoa Phat Group and Formosa Ha Tinh Steel Corp, in response to sluggish steel demand in the region and growing wait-and-see sentiment in the market, the company said, adding that it aims to help customers win more business by offering lower-priced steel.
Rolls of steel are stored at the Stellantis automobile plant in Poissy, near Paris, France, on May 4.
“As the Asian markets are entering a traditionally slow season, customer demand is softening,” the company said.CSC said customer demand is weakening further as unreasonably low-priced steel products flood the Taiwanese market after being diverted from the EU and Japanese markets.
