Chung Hung Steel Corporation (CHSC), a Taiwan-based carbon steel producer affiliated with China Steel Corporation (CSC), announced an increase in its domestic steel price for November. Hot-rolled steel, cold-rolled steel, and galvanized steel prices will increase by NTD 900 (USD 28), NTD 700 (USD 22), and NTD 1,200 (USD 37) per ton, respectively. In addition, CHSC will increase export prices by USD 20-30 per ton for January 2025 deliveries, depending on the product and region, and offers will be determined by local market conditions.
CHSC attributed the price increases to various global economic developments. In September, the US Federal Reserve officially began its interest rate cut cycle. Similarly, inflation in the Eurozone has decreased to 1.8%, signaling the possibility of further rate cuts from both the US and European central banks by the end of the year. China has implemented a series of economic stimulus measures aimed at supporting stable growth in real estate and stock markets.
Driven by supportive government policies such as low interest rates and economic stimulus, CHSC expects steel-using industries to start investing and spending more. This increase in demand for steel products could help the global economy grow steadily.
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