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News from the Import Industry

July 26, 2010

China Steel Lowers Sept.-delivery Wholesale Prices by 4%

Taipei, July 22, 2010 (CENS)--China Steel Corp. (CSC), Taiwan`s largest integrated producer of steel products, recently cut wholesale prices for its most popular hot-rolled steel by NT$1,800 per metric ton, or 7%, which exceeds market expectations.

Despite the reduced price, Taiwan`s downstream firms, including Yieh Phui Enterprise Co. and Sheng Yu Steel Co., still have to endure operating losses, showing rough conditions for the domestic steel industry.

CSC also slashed the wholesale prices for other major steel products to be shipped in Sept., including a decline of NT$1,200 per metric ton on cold-rolled and electro-galvanized sheets, and a reduction of NT$2,528 on hot-dip galvanized steel coils.

Fixed prices are kept on steel plates, steel bars and wire rods, and electrical sheets. On average, CSC lowered the wholesale prices on steel products to be shipped in September by NT$1,020 per metric ton, or a decline of 4%, with the new prices to be retro-active to orders placed in July and August.

CSC noted the chaos in the steel market worldwide is unprecedented due to the potential of a double-dip recession triggered by the credit defaults in some European nations.

(by Ben Shen)

http://cens.com/

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