Taiwan's China Steel Corporation announced domestic steel prices for the first quarter 2020 would decrease by an across grades average of 3.03%. Prices for bars and rods will reduce by TWD 1000/tonne.

CSC says the global steel market atmosphere has turned from cautious to optimistic but emphasises that all steel makers have seen profitability adversely affected by increased costs of ironmaking raw materials and the sharp decline in steel product price.

China Steel said: Although the global steel market atmosphere is expected to turn optimistic in the near future, and the recession cycle of steel industry is anticipated to come to an end", it had decided that Q1 2020 prices" will be properly adjusted after considering customers' opinions and internal evaluation, in order to assist downstream customers to de-stock and enhance their export competitiveness."

It added that the price decision would help narrow the price gap between quarterly price announcement and international market prices. China Steel says it will explain a new pricing system ahead of an announcement on price levels for Q2 2020. "The new system will ensure that both customers and CSC share risks and benefits in a fair and equitable manner, and will be in line with the international market, balancing the interests of customers, employees and shareholders."

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