OREANDA-NEWS. May 25, 2012. China Steel Corporation (CSC) held the domestic pricing meeting for 2012 July-August shipments and announced the following statement: As for the global economy situation, US Federal Reserve System might possibly announce a 3rd round of QE plans to stimulate economy and employment, G8 summit declaration also stressed that Greece should remain in the Euro zone and the Group of Eight will take all efforts to revive economic growth in Europe. The People’s Bank of China decided to lower bank’s reserve requirement ratio to boost liquidity in the financial market.

Taiwan’s export declined in April and private consumption impacted by rising gasoline and electricity prices, Directorate General of Budget, Accounting and Statistics once again downwardly revised the GDP projection to 3.38% for 2012. However, as IMF optimistically revised worldwide economic growth, Taiwan’s export is expected to turn around in the later half of 2012.

 Encouraged by the economic growth, demand for steel products has increased more than expected in the North America market, especially the automobile and energy industries. In Asia, China launched another round of energy-saving home appliance subsidy program and steel demand from the automobile and construction sector also improved in Japan. WSD estimated global steel demand will increase by 3.6% in 2012.

Considering the effect from global political and economical disorder and rising prices of gasoline and electricity domestically, to ensure a stable and healthy environment for Taiwan downstream industries, for July and August domestic sales, CSC has decided to lower the prices of Automobile Cold Rolled and Galvanized products to raise the localization rate of auto steel and boost automobile export, the other products’ prices stay unchanged.