This week, Chung Hung Steel announced that it will raise the base rate for February. The prices of hot rolled coil (HRC), cold rolled coil (CRC) and galvanized steel (GI) were above the prices in January, and the preferential project of hot coil was also canceled.
Market participants say that prices hit the bottom in December last year. Coupled with the opening of the Chinese market and the increase in iron ore prices, Asian steelmakers have started to increase base rates this year.
Recently, the price and volume in the hot roll market have been increasing, but the purchase momentum of the cold roll has been relatively weakened.
Chung Hung Steel's price strategy is closely following China Steel Corporation (CSC) by raising a new base rate to drive the price trend, which is close to the global market.
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