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26
Taiwan Steel increases in Q3
By Fastener World Inc
China Steel Company released Q3 steel prices for domestic sales at the end of May. The average increase for domestic steel was 17.8%, about
NT 4,520 dollars (95 euros) per tonne, which is higher than the Taiwanese industry expected. Wire rod increased NT 4,830 dollars
(100 euros) per tonne. The domestic price meeting with the steel company took place May 30 and provides the basis for this report.
Director of CSC’ sales division, improving the quality of products production costs”- actions, increase was higher than
M. H. Chen emphasised that and reflect appropriately on the hopefully, that will slow the expected, though the price was
“considering the impact on selling price during this period of impact of the rising raw material still world competitive. The
domestic steel downstream time. He believed there was still costs and limit steel price question was how the domestic
industries, cost pass-through a big opportunity for the export increases. fastener industry passed on the
capability and international average price of Taiwan fastener. Mr. Chen explained that stock cost – a tough question for many
competition, the new price does The cost of electricity in and supply in the US steel businessmen. It was considered
not entirely reflect the raw Taiwan is also going to rise in market appeared severely that due to the effect of the
material price and sea freight”. July. Everyone was concerned insufficient. Steel prices were at Chinese antidumping cases, the
Most domestic steel prices, after whether this would result in a record high, with every factory probability of recovering orders
the adjustment, are still lower further steel price increases increasing its Q3 prices. In from Europe was high.
than those in the global steel Mr. Chen highlighted that CSC Europe strong demand was also Therefore, the Taiwan industry
markets by about US$100 per continues to quote on a quarterly anticipated, with significant should seize this opportunity and
tonne. basis so there is no change volumes of steel diverted to the make good use of the
Mr Chen noted that the price expected for 3 months. Even Middle East because of higher resources provided by CSC.
of rare materials, such as with the rising market price and prices available there. Q3 steel
Mr. William Liao from
Chromium, Molybdenum and costs, CSC would avoid any prices in Europe were increasing
Fastener World indicated that
Vanadium were greatly rising. In sudden adjustment in price. by US$186-295 (118-190 euros)
many small steel factories in
addition, he pointed out that the CSC pointed out that the per tonne, with steel factories
China are forced to close in order
price of best-class scrap iron had Japanese steel industry, famous adding additional raw material
to meet the requirements for
reached US$780 per tonne. for its production efficiency, had charges of US$250 (158 euros).
reduced air pollution for the
The vice chairman of the indicated that the rising price of In China, due to the snow
Olympic games. The rapid
appreciation of RMB and high
Taiwan Industrial Fastener coal, iron ore, scrap iron and disaster, earthquake and Olympic
internal costs were also
Institute, Mr. T. J. Csi, indicated freight meant the production games, requirements for steel
significant factors. Chinese steel
that the price hike was a little cost of steel had risen by at least were increasing greatly. China
prices had risen by about 50%,
higher than expected. However, 30,000 Yen per tonne, equivalent may reduce the export volume,
he said. All of these factors
there was still a gap between to US$300. The cost increase for said Mr Chen, which would give
weakened China’s competitive
the price from CSC and those CSC was about the same. While Asia the tightest steel supply
position in the export market. He
from international sources. Mr. adjusting the steel price, CSC was conditions in the world.
also noted that Japan and Korea
Csi appealed to everyone in the also “promoting energy savings, Some businessmen expressed were seeing the price of steel
fastener industry to focus on reducing waste and lower the view that the steel price rise by about US$200 per tonne.
Australian iron
Steel consolidation continues in China
Tangshan Iron & Steel and Handan Iron & Steel have merged to replace Baosteel
ore contract prices
Group as China’s largest steel company.
The new group, Hebei Iron & Steel, which remains state owned, is estimated to have a
almost double
combined output of nearly 32 million tonnes, ranking it fifth in the world after Korea’s
POSCO, which has output around 33 million tonnes. Baosteel produced 29 million tonnes
Korean and Japanese steel makers have
in 2007. Hebei Iron & Steel Group is projected to increase production to 50 million tonnes
followed those in China in agreeing new
in 2009.
contract prices with Rio Tinto for iron ore from
its Australian mines.
Chinese fastener exports flatten
The new contract prices range from 80% to
nearly 100% higher than the 2007-2008 level. The
According to official statistics, total Chinese exports of steel and copper
increase, compared to the 65 to 71% agreed with
fasteners flattened over the first four months of 2008.
Brazilian supplier Vale in February, reflects the
The tonnage exported increased marginally to 810,000 tonnes, while the value of
lower cost of shipping ore from Australia, currently
exports increased 17.9% to US$1.17 billion (740million euros). Export value for the
estimated at around US$55 a tonne. BHP Billiton,
month of April increased 36% to US$351 million (222 million euros), tonnage was up
which also supplies iron ore from Australia, has yet
2.7% at 240,000 tons. The US Dollar fell in value against the Chinese RMB Yuan by 4%
to agree 2008-2009 contract terms.
during the period.
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