China Steel Corp, the largest steelmaker in the country, said on Feb. 19 that it would raise steel prices by 2.44 per cent for next month’s shipments as the domestic customer accelerated inventory build-up amid improving demand during the peak season.

China Steel said in a statement that China’s Baowu Steel Group Ltd and Angang Steel Co had raised domestic steel prices by between 200 Yuan and 400 Yuan (US$31.55 to US$63.11) per tonne for the next month delivery. It was the first price increase in eight months by the Chinese mills.

The increase in manufacturing costs is adding more pressure on steelmakers due to the recent rise in iron ore prices, as the primary raw material for the steel industry has come to about $150 per tonne, and metallic coal prices have increased to about $440 per tonne.

China Steel is raising steel prices by between NT$500 and NT$800 per tonne, following three straight months of cuts.

The prices of hot-rolled steel plates and coils, as well as cold-rolled steel coils, are to rise by NT$800 per tonne next month, while the price of hot-dipped galvanized coils used in construction has also climbed to NT$800 per tonne.