China Steel Corp (中鋼) yesterday slightly increased prices for two high-grade cold-rolled coils commonly used in vehicle manufacturing and construction for domestic delivery next month as the global steel industry emerges from a slump.
The World Steel Association forecast that global steel demand would grow 1.8 percent this year and 1.9 percent next year after contracting 3.3 percent last year, China Steel said in a statement.
That means the global industry is bouncing back from the bottom, the Kaohsiung-based steelmaker said.
Photo: Tyrone Siu, Reuters
In the US and Europe, the market outlook is also becoming clearer amid improving supply-demand dynamics, China Steel said.
Moreover, with the United Auto Workers announcing a return to factories after protests, steel demand from major automakers in the US would increase, the statement said.
An improvement in steel demand in the US would boost exports from Asia and guide the industry in a positive direction, it said.
As the pickup in Asia might be uneven in the early stages, China Steel only hiked prices mildly for a few products, as some customers are still grappling with an inventory glut and might be unable to afford pricier products, the statement said.
Surging raw material costs, mainly for coal and iron ore, would support higher steel prices, China Steel said.
The price of iron ore has climbed to US$130 per tonne, the highest in eight months, while the price of coking coal was US$300 per tonne, it said.
US steelmakers have hiked steel prices three times since last month, the company added.
China Steel increased its price for high-grade cold-rolled coils for domestic delivery next month to NT$300 per tonne.
The firm kept the prices of its other steel products unchanged.
China Steel’s price hikes matched upticks announced by Chinese counterparts.
Baowu Steel Group Ltd (寶武鋼鐵), the world’s biggest steelmaker, and Angang Steel Co (鞍山鋼鐵) increased their prices for some hot-rolled, cold-rolled and galvannealed steel for delivery next month, with other prices kept flattish.
Hon Hai Precision Industry Co (鴻海精密) yesterday said that its research institute has launched its first advanced artificial intelligence (AI) large language model (LLM) using traditional Chinese, with technology assistance from Nvidia Corp. Hon Hai, also known as Foxconn Technology Group (富士康科技集團), said the LLM, FoxBrain, is expected to improve its data analysis capabilities for smart manufacturing, and electric vehicle and smart city development. An LLM is a type of AI trained on vast amounts of text data and uses deep learning techniques, particularly neural networks, to process and generate language. They are essential for building and improving AI-powered servers. Nvidia provided assistance
GREAT SUCCESS: Republican Senator Todd Young expressed surprise at Trump’s comments and said he expects the administration to keep the program running US lawmakers who helped secure billions of dollars in subsidies for domestic semiconductor manufacturing rejected US President Donald Trump’s call to revoke the 2022 CHIPS and Science Act, signaling that any repeal effort in the US Congress would fall short. US Senate Minority Leader Chuck Schumer, who negotiated the law, on Wednesday said that Trump’s demand would fail, while a top Republican proponent, US Senator Todd Young, expressed surprise at the president’s comments and said he expects the administration to keep the program running. The CHIPS Act is “essential for America leading the world in tech, leading the world in AI [artificial
DOMESTIC SUPPLY: The probe comes as Donald Trump has called for the repeal of the US$52.7 billion CHIPS and Science Act, which the US Congress passed in 2022 The Office of the US Trade Representative is to hold a hearing tomorrow into older Chinese-made “legacy” semiconductors that could heap more US tariffs on chips from China that power everyday goods from cars to washing machines to telecoms equipment. The probe, which began during former US president Joe Biden’s tenure in December last year, aims to protect US and other semiconductor producers from China’s massive state-driven buildup of domestic chip supply. A 50 percent US tariff on Chinese semiconductors began on Jan. 1. Legacy chips use older manufacturing processes introduced more than a decade ago and are often far simpler than
Gasoline and diesel prices this week are to decrease NT$0.5 and NT$1 per liter respectively as international crude prices continued to fall last week, CPC Corp, Taiwan (CPC, 台灣中油) and Formosa Petrochemical Corp (台塑石化) said yesterday. Effective today, gasoline prices at CPC and Formosa stations are to decrease to NT$29.2, NT$30.7 and NT$32.7 per liter for 92, 95 and 98-octane unleaded gasoline respectively, while premium diesel is to cost NT$27.9 per liter at CPC stations and NT$27.7 at Formosa pumps, the companies said in separate statements. Global crude oil prices dropped last week after the eight OPEC+ members said they would
RSS