China Steel Corp, the nation’s largest steelmaker, yesterday said it is cutting its steel prices by about 1.62 percent for domestic deliveries next month in response to lower demand due to accumulated inventory, global port congestion and the appreciation of the New Taiwan dollar.
The adjustments mean that prices of hot-rolled sheets, hot-rolled coils and electro-galvanized coils would fall by NT$500 per tonne next month, while prices of cold-rolled coils would fall by NT$700 per tonne, the largest cut among all products, China Steel said.
The price of hot-dipped zinc-galvanized coils used for construction and home appliances would decrease by NT$500 per tonne, the company said.