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CHINA STEEL CORPORATION

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China Steel : Price Announcement for Domestic Sales of the Third Quarter/July shipment of 2021

06/15/2021 | 04:16am EDT

On June 15th, 2021, China Steel Corporation (CSC) held a price meeting for domestic sales of the third quarter (July) shipment of 2021 and announced the following statement:

Global economic seems to be improved gradually with lifting lockdown in major economies. The OECD raised its forecast of global economic growth rate this (2021) year to 5.8%, which would be the strongest growth for the past 50 years. According to the Directorate-General of Budget, Accounting and Statistics, Taiwan's economic growth rate would reach 5.46% this year, led by export. It is predicted that the annual merchandise exports will reach $415.6 billion, with an annual increase of 20.4%.

The US government launched a $6 trillion budget, of which $1.7 trillion focused on the infrastructure and construction industries. The Chinese government has also invested RMB 10.6 trillion in the "new infrastructure" plan, and thus steel demand will be strongly supported.

The prices of iron ore and coal have reached historical high recently, and bulk shipping costs have also reached 10-year high due to the increase of the demand for raw materials. The related costs of steelmaking industry continue to soar, and the global steel demand has also increased greatly, pushing up the international HR market to continuously set a new historical record.

In Asia, Chinese government is committed to refrain from price gouging and other forms of speculation of ferrous metal, which once caused market shocks, but the bullish atmosphere made steel price rebound quickly. Meanwhile, in order to reflect the wide gap between Japan's domestic and the international market on steel price, Nippon Steel announces the price increase sharply to the domestic customers, especially negotiate with carmakers to look forward to improving the price structure and to catch up with the international market.

In recent years, the issue of climate change has become the mainstream of the social development in various countries. Environmental, Social and Corporate Governance (ESG) issues have become a global trend. EU plans to impose a carbon tariff on high energy-consuming imported products such as steel in 2023. Carbon price has risen to 56 euro per ton recently. Tata Steel Europe leads in implementing a carbon surcharge of 12 euro per ton in Europe. Environmental protection costs will become an indispensable part to the mills. CSC also plans to introduce the carbon surcharges for the export contracts starting from next year.

To fulfill corporate social responsibility and after comprehensively considering the epidemic situation and the cost pressures, CSC decides to keep the prices flat for July-shipment products to support the downstream industries. As for the third-quarter shipment products, due to the huge price gap between domestic market and international market, CSC decides to slightly raise the prices. Prices adjustment shown as below table.

Price Adjustment for Domestic Sales of the Third Quarter/July shipment of 2021

Offer Basis
Products
Average Adjusted Amounts (NTD/MT)
Monthly
HR Plate
+0
HR
+0
CR
+0
ES
+0
GI
+0
Quarterly
Plate
+2,000~2,500
HR Plate
+2,900
Bar and wire rod
+2,200
HR
+2,900
CR
+2,900
EG
+2,900
GI
+2,800
Automotive usage
+2,900


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CSC - China Steel Corporation published this content on 15 June 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 June 2021 08:15:02 UTC.


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