China Steel Corp is increasing steel prices by up to NT$900 per tonne for domestic deliveries next month. This move is in response to a recovering Asian steel market and the anticipation of decreased steel supply from China and South Korea this year. Other Asian steel producers have also raised prices. The company's decision considers a 1.1 percent annual decrease in global crude steel supply during the first half of the year. Chinese and South Korean steelmakers, including Baowu Steel Group and Angang Steel, are increasing prices of hrc, crc and electro-galvanized steel products by between 100 and 200 yuan per tonne for deliveries next month, due to tightening supply and rising raw material and transportation costs.
China Steel explains that these price hikes are partly a response to higher coking coal prices caused by supply disruptions due to floods in China and restrictions on mining. Additionally, increased transportation costs are attributed to a rebound in commodity markets. the price of coking coal has exceeded the US$245 threshold due to supply disruptions caused by flooding in China and restrictions on mining activities imposed by Beijing.
POSCO, has raised the prices of hrc by around US$39 per tonne for domestic shipments next month. This reflects a bullish trend in the Asian steel market.
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