The Kaohsiung-based company said the regulations would not fully reflect increases in raw material costs, but support a moderate approach that gives sub firms time and space to prepare for the turnaround in the business cycle.
The country's largest steelmaker said that it has adopted a soft and progressive pricing strategy, considering the Lunar New Year holiday next week.
It has increased China Steel's prices of hot rolled plate and cold rolled coil for the second time, which are widely used in construction and vehicle manufacturing.
The company said suppressed consumption demand from China became more evident this month, after Beijing gave up its "zero COVID-19" policy last month, paving the way for inventory replenishment at steel suppliers. It was stated that China's measures to stimulate economic activity will support the real estate and automotive sectors, the two major buyers of steel products.
China Steel also said that the World Steel Association, which had previously predicted a insufficient 1 percent increase in global steel demand to reach 1,815 tons this year, will likely revise its guidance upwards.
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