China Steel to Reduce Flat Rolled Steel Price in January-February

Taiwanese steel maker, China Steel Corporation announced on Monday the firm reduces the steel selling price by average NT$ 751 or 3.2% for domestic buyers for January and February 2011 from December. The firm reduces the price considering the decline in domestic users’ export competitiveness due to New Taiwan dollar appreciation against US dollar, weak overseas steel market price and demand decrease in Chinese New Year in February. The firm indicates possibility of price hike in and after March when raw material cost is expected to increase in January-March.

China Steel Corporation reduced hot rolled coil price by NT$ 976 per tonne for January-February from December. The price decreases by NT$ 1,053 for cold rolled coil, by NT$ 1,062 for hot dip galvanized sheet and by NT$ 600 for electrical steel. The firm cuts electrogalvanized steel price by NT$ 2,000 due to especially lower overseas market. The firm left the steel bar and wire rod selling price unchanged. The firm left the selling price unchanged for most items for December while the firm increased the price for low alloy and mid- and high carbon flat steel and electrical steel.