Taiwan-based China Steel Corporation (CSC) cut finished steel prices for June deliveries by NT$900-600/mt ($29.9- $19.9/mt) on Monday. The company expects a short-term negative impact from the COVID-19 pandemic and the resultant shutdown of economic activities, globally.
China Steel reduced the price of hot-rolled steel plates, hot-rolled steel products and cold-rolled products by NT$900/mt, while the price of electromagnetic steel coil and pre-painted galvanised steel coil is cut by NT$600/mt from the last set of prices.
The company’s price cuts are in-line with a similar price revision by mainland steel producers, including Bao Steel and Anshan Steel, and international players including Tokyo Steel and Formosa.
CSC has relaxed delivery and fulfilment conditions for certain steel products and extended assistance to downstream customers to improve their competency, funding and inventories as they struggle with the impact of the pandemic. The company observes the overall global steel demand to be stagnated due to containment measures taken by various governments. However, CSC hopes government bailout programmes will reduce the adverse impact of the crisis.