July 14,
China Steel Corp, Taiwan’s biggest steelmaker, yesterday said it would cut domestic steel prices for September delivery by an average of NT$1,020 (US$31.58), or 4 percent, amid softening demand. The cut ends four consecutive price hikes since March.
The Kaohsiung-based company said it would offer domestic customers “retroactive rebates,” meaning the discount would cover purchases made in July and August.
“Worries that Europe’s debt woes may push it into a double dip recession have placed steel prices under correction pressure in the US and Europe, while prices in China have fallen continuously due to China’s adjustment of macroeconomic policies and persistent oversupply in the steel industry,” China Steel said in a statement.
Under the latest adjustments, China Steel said prices for benchmark hot-rolled sheets and coils would fall by NT$1,800 ($56) per tonne, or 7.06 percent, for September shipment.
Prices for cold-rolled sheets and coils will drop by NT$1,200 ($37.3) per tonne.
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