OREANDA-NEWS. September 12, 2013. China Steel Corporation (CSC) held the domestic pricing meeting for 2013 October and November shipments and announced the following statement:

American manufacturing industries are accelerating expansion, car?construction and energy industries are supporting the economic growth. Second quarter GDP of EU grew 0.3%, got rid of six consecutive quarters of decline, revealing the hope of recovery. The mainland China demand and export performance are both rising, Chinese government expanding infrastructure investment stimulate Chinese economy and decrease the risk of industrial structure transforming. Taiwan export order and production of industries are recovering, GDP of H2 would be better than that of H1. As a whole, although recently there are the concerns of QE exit and debt ceiling and the political situation of Syria is unstable, global economy is still recovering steadily.

Supported by the increasing iron ore prices and the global economy turning better, global steel mills all starts raising prices. Steel prices bottomed out and rebound trend was confirmed. Production cut of European and American steel mills benefits steel market that brought back confidence and made price rising successful. Chinese infrastructure?demands of automotive steel and home appliance steel are recovering, market prices are staying firm, steel mills raised prices across the board for September shipments. Fourth quarter is traditionally peak season for steel industries, in addition, steel mills are undergoing maintenance and reducing production. With Asian export prices rising and demand of replenishing inventory continuing, prices are expected to follow upward trend.

Encouraged by rising international steel prices which remove the hesitant mood, domestic steel market price and export price already began rising up step by step. To respond to the trend of rising steel prices while strengthening the competitiveness of customers, except Plates and Bars and Rods keeping flat, CSC has decided to increase prices for all products by an average margin of 1.86% (the average increased price is NT\\$379/MT) for 2013 October-November shipments.