Starting from April, production costs in the steel industry will also increase due to the increase in Taiwan's electricity prices. The interest rate announced by Taiwan's central bank on March 23 is also expected to slow down steel demand from the auto and construction industries.
On the other hand, Chaodong Weng, chairman of Taiwan's China Steel Corporation (CSC), explained that the increase in energy prices and interest rate is still affordable for steelmakers and will not affect the production in the mills too much. However, it is predicted that high interest rates will affect home buyers, which will further affect terminal construction and steel demand in the future.
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