China Steel Corporation (CSC), Taiwan's biggest carbon steel producer, has announced a price increase of NT$600-1,200/ton for products such as hot rolled steel, cold rolled steel and hot dip galvanized coils for March.
Chung Hung Steel Corporation (CHSC), a subsidiary of CSC, will soon announce its new prices for March. Market participants had expected the price of CHSC to follow the upside correction of CSC.
CSC increased prices after the recent rising steel prices from the world's leading steelmakers such as Cleveland-Cliffs and Nucor from the USA, Hyundai Steel from South Korea and Baowu Group from China.
Alongside the strong increase in global steel prices, the global economy gradually recovered and China's removal of epidemic measures also supported the replenishment of steel stocks. The current global steel supply is limited and shrunken, so the international steel price is expected to be easy to rise but difficult to fall.
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