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