By Natasha Li / Staff reporterChina Steel Corp (CSC, 中鋼) yesterday said it would raise domestic steel prices next quarter at an average rate of 1.9 percent, due to increasing raw material costs from rising demand on an improving economic outlook. The nation’s largest steelmaker, which has repeatedly cut prices in previous quarters to cushion the impact of a US-China trade dispute, said in a statement that its prices have fallen far below international market quotations. The price of steel plates would increase by NT$600 (US$19.73) per tonne, while the price of steel bars and rods would rise by NT$500 per tonne, it said. Steel products used in the auto industry or to make boats are exempt from any price increases next quarter, it said. CSC said that it expects what little impact the COVID-19 outbreak has on the overall steel market to be short-lived, based on the effect of SARS on the industry in 2003.

Source: Taipei Times February 21, 2020 15:56 UTC