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PrintChina Steel yesterday said in a statement that demand has not recovered completely after China's National Day holidays in early October, and inventories increased slightly. For the fourth quarter, demand in the global steel market remains to be seen.
The company raised prices for the October-November period by an average of 1.86 percent compared with September because of higher iron-ore costs.
The decision to hold the line on December prices was in line with analysts' expectations. China Steel followed its Chinese counterparts, like China's largest listed steelmaker Baoshan Iron & Steel Co., which on Oct. 10 said it would keep prices unchanged for November.
“Although the fourth quarter is traditionally peak season, there is limited room for the company to raise prices due to excessive supplies from China,” said an analyst.
But Masterlink Securities analyst Charles Ko said demand will still likely pick up in the near term as Chinese local governments are expected to speed up their investments in public infrastructures to meet their budget targets and further boost economic growth.
China Steel yesterday closed up 0.19 percent at NT$26 while Taiwan's weighted index closed up 66.51 points, or 0.79 percent, at the day's high of 8,441.19.
China Steel sells about 75 percent of its output domestically and exports most of the rest to China and Japan.
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