China Steel Corp, the country's largest steelmaker, said it will raise domestic prices by 1.2% to reflect rising production costs and rising steel demand after a two-month price freeze. The revised prices will take effect next month.
During the COVID-19 pandemic, CSC directly raised steel prices for 12 months before freezing last month, voicing concerns to downstream companies and advising them to use the price freeze to adjust their business needs and "prepare for upcoming changes."
There has been a "short and healthy correction" in Asian steel prices, but the company expects steel to return to the bull season.
The company said that the global steel market is expected to contract ahead of the traditional "high season" in September and October.
He said the continued strength of Taiwanese exports and US and European infrastructure projects are other factors in boosting steel demand.
"We expect the basic infrastructure needs of the US and EU to generate global economic growth by increasing demand for steel products," the statement said. it was said.
"Considering the stable but strong overall direction of the steel market and the high cost of ore and coking coal, we increased the domestic delivery price by 1.2% in November." statement was made.
Another factor causing the company to anticipate a recovery in international steel is the creation of new Chinese regulations set to meet carbon neutrality targets.
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