China Steel Corp (CSC), the nation’s only integrated steelmaker, yesterday said it would lower its domestic steel prices for October and November contracts by an average of NT$1,142 (US$38.11) per tonne, or 5.11 percent, following a 5.01 percent cut for next month’s shipments.
The latest price adjustment is the company’s second-largest price decline this year, compared with the 7.08 percent cut for January and February deliveries, as demand is weak and the outlook for the sector remains bearish in the fourth quarter.
Fubon Securities Investment Services Co analyst Kevin Lin said the 5.11 percent cut met his expectation of an average decline of US$30 to US$40 per tonne. (…)
