China Steel Corporation and Chung Hung Steel face an increased pressure in their new price announcements as Baosteel announced that its November domestic price would show a drop of 9% to 13%.
The steel price, which started to fall this August in China's domestic market, has dropped by about 20%. This situation also caused the steel price to drop in Taiwan's domestic market.
CHS has kept its October base price at the same level that it was in September, however, weak market demand and the dropping price announcement from Baosteel caused both CHS and CSC to face added pressure in their new price announcements.
