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China Steel Boosts Domestic Steel Prices as US Imposes Anti-

The largest steel maker in Taiwan, China Steel Corp., has raised its wholesale prices for July-August deliveries by more than 10%, the fourth time the company has increased steel prices in a few months, citing increased strength in international steel production prices.

In April, China Steel hiked product prices in the local wholesale market by 10.5% per ton on for June contracts, this followed a 3.1% increase for April-May contracts and a 2.3% increase for March deliveries.

The steel company cited economic strength in the US and the Eurozone, and increased infrastructure spending in Japan as supportive reasons for the price increase. The company also expects that it will increase prices again in the third quarter.

These increased prices followed Trade Commission findings that will result in steep fees on China’s steel exports. The US Commerce Department’s announced last week that it would implement anti-dumping duties on Chinese corrosion-resistant steel products of up to 210%. In the prior week, the US announced duties of up to 522% on cold-rolled steel used in automobiles and other manufacturing.

China has been accused of unfair trade practices when it comes to the steel market by many countries. China has flooded the market with cheap steel products that have made it impossible for steel producers around the globe to compete. The latest findings are very supportive for the steel market and could help global steel prices improve as steel producers outside of China can now compete.

China, of course, is very dissatisfied with the findings. The country said it will encourage its firms to legally defend their interests.

“The United States have deliberately suppressed the bulk of Chinese steel exports,” the Chinese Commerce Ministry said in a statement. “This not only harms Chinese steel enterprises but hinders trade and cooperation between enterprises.” Trade remedy measures recently taken by the US are “protectionism,” and will disrupt trade rather than solve US steel industry problems, the ministry added.

Source: economiccalendar
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