China Steel Corp (中鋼), the nation’s largest steelmaker, yesterday said it would reduce domestic steel prices for deliveries next month by 5.61 percent, given lower market demand and falling iron ore prices.
It is the third consecutive month that China Steel has cut domestic steel prices, after a reduction of 2.1 percent last month and 2.23 percent for this month, company data showed.
The steelmaker said that growing concern about a global recession, soaring inflation and the summer vacation in the West are adding to already-sluggish steel demand over the past few months, which was caused by Russia’s invasion of Ukraine, China’s
China Steel Corp (中鋼), the nation’s largest steelmaker, yesterday said it would cut domestic steel prices by 2.1 percent on average for delivery next month in response to a brief slowdown in steel demand and to help customers mitigate mounting manufacturing costs caused by geopolitical issues.
However, the company said it expects steel demand to pick up in the second half of the year, benefiting from infrastructure programs in China, as lockdowns there could gradually be lifted later this year, as well as post-war reconstruction projects, if Russia’s war in Ukraine stabilizes.
The Kaohsiung-based company’s move matches its Chinese counterparts’ recent
China Steel Corp (中鋼), the nation’s largest steelmaker, is to raise domestic steel prices next month by 2.95 percent on average as manufacturing costs surge due to climbing raw materials costs and unfavorable foreign exchange rates, it said yesterday.
The Kaohsiung-based steel company said unfavorable conditions were unlikely to ease, given persistent hikes in the prices of coal, iron ore, nickel and other metals due to the war in Ukraine.
Transportation costs are also on the rise due to port gridlock, the company said in a statement.
Steel supply has particularly tightened in Asia, as steelmakers from Indonesia, Japan, South Korea and Turkey