Friday, May 30, 2008

TW China Steel to raise steel prices by 17.8%

China Steel Corp, the biggest steel producer in Taiwan, would raise the local steel products prices in the third quarter, stated T.H. Chen, vice general manager of China Steel on Thursday.

China steel would lift up the prices by 17.8% in average compared to the prices in the period of April to June. The company explained that its product price was lower than the market price. The rising prices of coal and iron ore were also the major contributors to this decision, said Chen, adding that the steel prices per ton would still be US$100 lower than the average market prices.

In the second quarter, steel product prices went up 19%. Share price of the company dropped 0.4% to NTD52.1 before the statement.

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