July 20 (Bloomberg) — China Steel Corp., Taiwan’s largest producer, will cut prices after the island’s economic growth slowed, reducing demand from automakers and other buyers.
Prices will fall by an average 5 percent for September contracts, the Kaohsiung-based company said today in an e-mailed statement. No percentage changes were given for specific products. The price cut will be the biggest since the 7 percent reduction for January and February contracts announced on Nov. 24.
Taiwan’s government lowered its economic growth forecast for the year after gross domestic product expanded at the slowest pace in more than two years in the first quarter. Production of base metals and machinery declined, the cabinet’s statistics bureau said in a statement May 25. (…)
via China Steel Reduces Prices after Taiwan Economic Growth Slows.