The country's largest steelmaker, China Steel Corp (中鋼), said yesterday that it will increase its steel prices by an average of 2.44% for next month's shipments as local customers accelerate their inventory growth in response to increased demand during the high season.
The company is taking cues from its global peers, which have pushed up steel prices in response to growing demand from the construction and automotive industries, as a growing number of countries open their economies and plan to launch new infrastructure projects in the second half of this year.
China's Baowu Steel Group Ltd (寶武鋼鐵) and Angang Steel Co (鞍山鋼鐵) have set their domestic steel prices between 200 yuan and 400 yuan per ton (US$31.55 to US$63.11) for next month's delivery, China Steel said. ) increased between According to the statement, this is the first price increase made by Chinese manufacturers in eight months. In the statement, Formosa Ha Tinh Steel Corp (台塑河靜鋼鐵興業) in Vietnam also increased its hot rolled steel and steel bar prices by US$90 and US$40 per tonne, respectively, in its latest price offers.
"The fundamentals of the global steel industry are improving with the arrival of the high season, leading to an acceleration in downside accumulation," China Steel said. said. "Global steel prices are on the rise this year due to higher production costs and better demand." said. Steel demand in Europe has also increased significantly, taking advantage of the recovery in the regional auto industry, the report said. In the statement, it is stated that ArcelorMittal SA has signed long-term supply agreements with European automakers, and the prices of hot rolled steel and cold rolled plate have increased by 30 to 50 euros per ton.
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