China Steel Corp (CSC, 中鋼), the nation’s largest steelmaker, yesterday said it would raise domestic prices by 1.2 percent to reflect higher manufacturing costs and rising steel demand after a two-month price freeze. The revised prices take effect next month.
During the COVID-19 pandemic, CSC raised steel prices straight for 12 months before freezing them last month, citing concerns for downstream companies, and advising them to use the price freeze to adjust their business needs and “prepare for changes that are to come.”
There has been a “short and healthy correction” to Asian steel prices, but the company anticipates a return to steel’s bull run.
Photo courtesy of China Steel Corp
The global steel market is expected to tighten ahead of the traditional “high season” of September and October, the company said.
The continued strength of Taiwanese exports and US and European infrastructure projects present other factors in boosting steel demand, it said.
“We anticipate that the basic infrastructure needs of the US and the EU should create global economic growth, raising demand for steel products,” it said.
“Considering the steady but strong overall direction of the steel market and the higher cost of ore and coking coal, we have adjusted the price for domestic delivery up by 1.2 percent in November,” it said.
Another factor that led the company to anticipate a rebound in international steel is the creation of new Chinese regulations set to meet their carbon neutrality goals.
“The Chinese government has mandated a reduction of crude steel for the second half of 2021 by 60 million tonnes,” the company said. “At the same time, they have raised export tariffs for chromite and high-purity pig iron to 40 percent and 20 percent respectively.”
The prices of hot-rolled steel plates and coils, cold-rolled and electroplated steel coils, and other steel products with monthly determined prices are to go up by NT$500 per tonne. Mid-quality electroplated steel coils will go up by NT$300 per tonne.
Steel products whose prices are adjusted on a quarterly basis will remain the same until the next meeting of the CSC pricing committee, which would meet next month and also discuss steel pricing that would take effect later in the year.
Taiwan would remain in the same international network for carrying out cross-border payments and would not be marginalized on the world stage, despite jostling among international powers, central bank Governor Yang Chin-long (楊金龍) said yesterday. Yang made the remarks during a speech at an annual event organized by Financial Information Service Co (財金資訊), which oversees Taiwan’s banking, payment and settlement systems. “The US dollar will remain the world’s major cross-border payment tool, given its high liquidity, legality and safe-haven status,” Yang said. Russia is pushing for a new cross-border payment system and highlighted the issue during a BRICS summit in October. The existing system
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) is expected to grow its revenue by about 25 percent to a new record high next year, driven by robust demand for advanced technologies used in artificial intelligence (AI) applications and crypto mining, International Data Corp (IDC) said yesterday. That would see TSMC secure a 67 percent share of the world’s foundry market next year, from 64 percent this year, IDC senior semiconductor research manager Galen Zeng (曾冠瑋) predicted. In the broader foundry definition, TSMC would see its market share rise to 36 percent next year from 33 percent this year, he said. To address concerns
Intel Corp chief financial officer Dave Zinsner said that a formal separation of the company’s factory and product development divisions is an open question that would be decided by the chipmaker’s next leader. Zinsner, who is serving as interim co-CEO following this month’s ouster of Pat Gelsinger, made the remarks on Thursday at the Barclays technology conference in San Francisco alongside co-CEO Michelle Johnston Holthaus. Intel’s struggles to keep pace with rivals — along with its deteriorating financial condition — have spurred speculation that the next CEO would make dramatic changes. That has included talk of a split of the company’s manufacturing
PROTECTIONISM: The tariffs would go into effect on Jan. 1 and are meant to protect the US’ clean energy sector from unfair Chinese practices, the US trade chief said US President Joe Biden’s administration plans to raise tariffs on solar wafers, polysilicon and some tungsten products from China to protect US clean energy businesses. The notice from the Office of US Trade Representative (USTR) said tariffs on Chinese-made solar wafers and polysilicon would rise to 50 percent from 25 percent and duties on certain tungsten products would increase from zero to 25 percent, effective on Jan. 1, following a review of Chinese trade practices under Section 301 of the US Trade Act of 1974. The decision followed a public comment period after the USTR said in September that it was considering
RSS