On Aug 27th, China Steel Corporation (CSC) held domestic price meeting for October and November shipments and announced the following statement:

From the global economic perspective, the US manufacturing and services sector with rosy PMI continued to expand without being influenced by QE tapering. US recovery momentum is still strong on the back of moderate inflation and less expectation of interest raise in advance by FED. Escalating tension between Russia and Ukraine hampered consumption and investment confidence. In Eurozone QE policy by ECB remained in position to avoid recession due to economic stagnation and looming deflation. Given booming trade statistics and PMI brought by mini-stimulus package, China was back on track of stable GDP growth with positive outlook better than expected in the fourth quarter. Taiwan's export and domestic demand was improving on global economic recovery, consequently Directorate-General of Budget, Accounting and Statistics revised upward the annual GDP to 3.41%.


Cheerful prospects in global economy and price stability of iron ore help steel mills to lift price. International steel price is getting rid of slack season and poised to bottom out. US steel mills cut production to keep price at high level via facility maintenance. Trade sanction as a result of Russia-Ukraine conflict effectively curbed outflow of low-priced steel. Expanding capital expenditure, easing credit crunch in China and thriving demand from Japan prompted Asian export price from falling. Steel price emerges to rally and rise in the fourth quarter which is conventionally high season for steel-related industry.


Global economy and steel market begin to turn stable. In view of geopolitical uncertainty faced by export-oriented downstream industry and domestic turmoil caused by low-priced imports, CSC decides to roll over all the prices for Oct-Nov shipment.

In consideration of material injury, overwhelmingly flooded by low-priced plate from Indonesia/China and cold rolled coil from China/South Korea into Taiwan market, CSC will have a close look on market dynamics and take necessary legal actions in response to such unfair competition. In order to promote robust domestic market and defend steel industry, the authorities concerned is appealed to implement CNS certification for plate and galvanized products.


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