China Steel Corp (CSC), Taiwan’s biggest steelmaker, on May 27 trimmed prices for July and August local delivery by a lower-than-expected 1.4 percent for most of its products, following last month’s cut of 7.4 percent for products to be delivered next month.
The latest price cut, NT$251 per tonne on average, is the smallest since August last year, suggesting that reduced global supply augurs a nascent recovery in the industry.
“Decelerating global economic growth curtailed demand for steel in the second quarter. Demand fell short of our expectations,” the Kaohsiung-based company said in a statement yesterday.(…)
