China Steel : Price Announcement of Domestic Sales in the Third Quarter/July of 2020

On May 22nd, 2020, China Steel Corporation (CSC) held a price meeting for domestic sales in the third quarter/ July of 2020 and made the following statement:
The recent outbreak of the coronavirus has severely impacted global consumption, trade and investment. The Epidemic disrupted global supply chains and delayed shipments, which undermined Q1 economic performance. The GDP growth of the United States and China fell by 4.8% and 6.8% respectively in Q1, while the GDP growth in Taiwan reached 1.54% as the successful epidemic prevention. If the epidemic is well controlled gradually, the economy is expected to rebound in the second half of 2020.
To alleviate epidemic impact, global leading mills have implemented production cuts and launched some blast furnaces halted temporarily. Chinese manufacturers are back to production effectively right now and hike prices for June owing to the rising demand. Meanwhile, the United States mills have raised HR prices by US$ 50/Mt since late April due to higher raw material cost. The Shanghai HR price has increased by CNY 300/MT, and import prices in South East Asia have also increased by US$ 15~30/MT. Since H2 is traditional peak season for steel industries, the upbeat market sentiment is about to push steel prices up.
Owing to the coronavirus pandemic, the Taiwan steel industry suffered from slumping demand, contracted export orders, and hesitant purchase in H1. However, as more countries commence to ease lockdown and release stimuli policies in H2, the economy would regain growth momentum in the near future.
This quarter, CSC would keep prices adjusted on monthly / quarterly bases to meet global practices. CSC also offers multi-measures to satisfy diversified demands of downstream industries. CSC lifts listed prices for July by 1.87% while reduced Q3 listed prices by -2.05% in accordance with industry characteristics. CSC would review carefully and consider adjusting delivery terms to respond to customer needs promptly.

Price Announcement for Domestic Sales in the Third Quarter/July of 2020
Monthly	Products	Average Adjusted Amounts (NTD/MT)
HR	+450
CR	+450
ES	0
GI	+450
Quarterly	Products	Average Adjusted Amounts (NTD/MT)
Plate	-500
Bars and Rods	-500
HR	-500
CR	-500
EG	0
GI	0