China Steel Corp (CSC, 中鋼), the nation’s biggest steelmaker, yesterday hiked domestic steel prices by at least NT$500 per tonne for deliveries next month and next quarter as global steel prices rise amid a widening trade war.
Steel prices in the US have surged about 30 percent to surpass the key US$1,000 per tonne level since US President Donald Trump last month threatened to impose higher tariffs on all aluminum and steel imports, CSC said in a statement.
Trump early this month exercised his authority under Section 232 of the US Trade Expansion Act of 1962 to slap a 25 percent tariff on steel imports, citing national security concerns.
Photo courtesy of China Steel Corp
Prices in Europe are also on the rise, with the EU saying it would launch retaliatory countermeasures on US goods from April 1, CSC said.
The EU has proposed to cut duty-free hot-rolled coil safeguard quotas for major importers and to extend the coverage to include more items, it said.
“Considering the favorable market sentiment for an uptrend and the uneven impact of new US tariffs on downstream industries, CSC is hiking prices for some products and holding on others for April and second-quarter deliveries,” the statement said.
Taiwanese firms have long faced a 25 percent levy on steel exports to the US, so the new tariff scheme places local steelmakers on equal footing with foreign rivals, it added.
China’s push for structural reform and green manufacturing is helping to mitigate overcapacity in China, which also bodes well for overall market sentiment, it said.
In their latest quotes, China’s Baowu Steel Group Corp (寶武鋼鐵集), the world’s largest steelmaker, and Angang Steel Co (鞍本鋼鐵) announced they would hold prices steady for delivery next month, while Formosa Ha Tinh Steel Corp (台塑河靜鋼鐵興業) in Vietnam hiked prices by US$20 per tonne.
Under the latest price adjustments, prices of hot-rolled steel coils and plates, and cold-rolled steel coils are to rise by NT$500 per tonne for domestic deliveries next month, CSC said.
Hot-rolled plates are typically used in house and bridge building, while cold-rolled steel plates are usually used in vehicle manufacturing.
Prices of hot-rolled coils of rerolling quality would go up by NT$600 per tonne next month, CSC said.
Prices of electro-galvanized steel coils, galvanized steel coils and electrical steel coils are to remain unchanged, it said.
For the second quarter, prices of steel bars and rods are to increase by NT$600 per tonne, while hot-rolled plates and coils, as well as cold-rolled coils used in carbon steel and tool steel are to rise NT$500 per tonne, the company said.
‘DECENT RESULTS’: The company said it is confident thanks to an improving world economy and uptakes in new wireless and AI technologies, despite US uncertainty Pegatron Corp (和碩) yesterday said it plans to build a new server manufacturing factory in the US this year to address US President Donald Trump’s new tariff policy. That would be the second server production base for Pegatron in addition to the existing facilities in Taoyuan, the iPhone assembler said. Servers are one of the new businesses Pegatron has explored in recent years to develop a more balanced product lineup. “We aim to provide our services from a location in the vicinity of our customers,” Pegatron president and chief executive officer Gary Cheng (鄭光治) told an online earnings conference yesterday. “We
LEAK SOURCE? There would be concern over the possibility of tech leaks if TSMC were to form a joint venture to operate Intel’s factories, an analyst said Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) yesterday stayed mum after a report said that the chipmaker has pitched chip designers Nvidia Corp, Advanced Micro Devices Inc and Broadcom Inc about taking a stake in a joint venture to operate Intel Corp’s factories. Industry sources told the Central News Agency (CNA) that the possibility of TSMC proposing to operate Intel’s wafer fabs is low, as the Taiwanese chipmaker has always focused on its core business. There is also concern over possible technology leaks if TSMC were to form a joint venture to operate Intel’s factories, Concord Securities Co (康和證券) analyst Kerry Huang (黃志祺)
It was late morning and steam was rising from water tanks atop the colorful, but opaque-windowed, “soapland” sex parlors in a historic Tokyo red-light district. Walking through the narrow streets, camera in hand, was Beniko — a former sex worker who is trying to capture the spirit of the area once known as Yoshiwara through photography. “People often talk about this neighborhood having a ‘bad history,’” said Beniko, who goes by her nickname. “But the truth is that through the years people have lived here, made a life here, sometimes struggled to survive. I want to share that reality.” In its mid-17th to
‘MAKE OR BREAK’: Nvidia shares remain down more than 9 percent, but investors are hoping CEO Jensen Huang’s speech can stave off fears that the sales boom is peaking Shares in Nvidia Corp’s Taiwanese suppliers mostly closed higher yesterday on hopes that the US artificial intelligence (AI) chip designer would showcase next-generation technologies at its annual AI conference slated to open later in the day. The GPU Technology Conference (GTC) in California is to feature developers, engineers, researchers, inventors and information technology professionals, and would focus on AI, computer graphics, data science, machine learning and autonomous machines. The event comes at a make-or-break moment for the firm, as it heads into the next few quarters, with Nvidia CEO Jensen Huang’s (黃仁勳) keynote speech today seen as having the ability to