Zhonghong: Index steel mills have strong willingness to raise prices. In November, the three major steel products all rose by 900 yuan.

The price of Zhonghong's three major steel products rose by 900 yuan per ton in November. (Photo by reporter Lin Jinghua)

[Reporter Lin Jinghua/Report from Taipei] Zhonghong (2014) today announced the price for domestic sales in November and export in December. Since steelmaking raw materials still provide strong support for costs, and the index steel mills in various countries have a strong willingness to raise prices, hot-rolled, cold-rolled, and galvanized prices will be increased by 900 yuan per ton in November. Export sales will be increased based on products and regions. The actual quotation will depend on local market conditions.

Zhonghong pointed out that in terms of the overall economy, the latest "World Economic Outlook" report of the International Monetary Fund (IMF) pointed out that, driven by AI-related investment demand, the global economy remains resilient despite the situation in the Middle East and trade tensions. Global economic growth is expected to be raised to 3.1% in 2026 and rebound to 3.4% in 2027. In addition, S&P Global's global manufacturing PMI rose to 53.0 in September, a new high since February 2022, reflecting the continued improvement of the global manufacturing boom.

Please read on...

In terms of steel supply and demand, data released by the China Iron and Steel Association (CISA) in late September showed that the average daily crude steel output of major steel companies fell by 2.1% compared with the same period last year, and steel inventories dropped significantly by 8.4%, indicating that the supply-side regulation and destocking process were smooth. In addition, Japan's JFE Steel has reduced production by about 600,000 tons due to previous extreme weather, and South Korea's POSCO Gwangyang plant blast furnace will be shut down for maintenance in November. It is expected that regional spot supply will tend to converge, supporting the Asian steel market to maintain positive development.

Zhonghong pointed out that the current supply and demand structure of the steel market continues to adjust, core steelmaking raw materials still provide strong support for costs, and index steel mills in various countries have a strong willingness to raise prices. Considering that downstream foreign trade orders and replenishment needs are gradually released, in order to reflect the current situation of the steel market and boost market confidence, the domestic and foreign sales prices have been raised this time.

Grasp the economic pulse with one hand. Click here to subscribe to Free Finance Youtube Channel