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Taiwan CSC Could be Slashing Wire Rod Price for Q1 2023
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2022-11-24
The stagnant global fastener demand is putting pressure on Taiwanese wire rod price. Formosa Ha Tinh Steel Corporation in Vietnam cut more price for December 2022 on wire rod than with hot rolled steel. Taiwan Industrial Fasteners Institute asked Taiwan CSC to lower its price. Taiwan CSC is expected to largely cut Q1 wire rod prices in 2023. Chun Yu as the biggest steel customer will benefit from the reduced cost, more profit gain and better business momentum.
Chun Yu said that the global inflation and U.S. interest rate hike are impacting the global economy and putting pressure on business. Currently, American and European clients are still clearing up inventory and this is affecting Chun Yu's export, but domestic sales remain stable. On the other hand, Vietnam-based Formosa Ha Tinh Steel Corporation announced its December wire rod price at NTD 1,800, down USD 60 per ton, a drop larger than expected.
Taiwan CSC said that its Q1 2023 wire rod price will be announced in mid-December. It said the crux of the matter for the global steel market is lack of demand and purchase orders. "Just by lowering the prices doesn't mean orders will come immediately." It said lower prices could in turn bring down the market confidence. It said that it will continuously monitor the market and always stand by its customers.
Chun Yu said that the industry can solely rely on gains from price reduction. Its fastener sales and profit gain are on the rise monthly because of the economic growth in Indonesia where its local plant is based. Its profit in China is less than ideal because of the lockdown measures blocking logistics. Chun Yu will continue to combine corporate resources, optimize processes to improve operation and increase its competitiveness.
Chun Yu said that the global inflation and U.S. interest rate hike are impacting the global economy and putting pressure on business. Currently, American and European clients are still clearing up inventory and this is affecting Chun Yu's export, but domestic sales remain stable. On the other hand, Vietnam-based Formosa Ha Tinh Steel Corporation announced its December wire rod price at NTD 1,800, down USD 60 per ton, a drop larger than expected.
Taiwan CSC said that its Q1 2023 wire rod price will be announced in mid-December. It said the crux of the matter for the global steel market is lack of demand and purchase orders. "Just by lowering the prices doesn't mean orders will come immediately." It said lower prices could in turn bring down the market confidence. It said that it will continuously monitor the market and always stand by its customers.
Chun Yu said that the industry can solely rely on gains from price reduction. Its fastener sales and profit gain are on the rise monthly because of the economic growth in Indonesia where its local plant is based. Its profit in China is less than ideal because of the lockdown measures blocking logistics. Chun Yu will continue to combine corporate resources, optimize processes to improve operation and increase its competitiveness.
Taiwan CSC
Q1 2023
wire rod price adjustment
台灣中鋼
2023第一季
線材盤價調整
