Taiwanese company CSC announced its consolidated income for June

Taiwanese company China Steel Corp. (CSC) announced consolidated revenue of approximately NTD 30 billion (USD 960 million) in June, with a decrease of 6.13% compared to May and 0.86% compared to the same period last year. Despite this, CSC's total consolidated revenue for the first half of the year reached around NTD 188 billion (USD 6.02 billion), reflecting a modest year-on-year growth of 0.87%.

CSC reported that shipments stood at 1.02 million tons in May and dipped to 993,000 tons in June, a reduction of 24,000 tons. This decline was primarily due to lower sales from overseas subsidiaries, with CSC Malaysia experiencing a specific decrease of 4,000 tons.

The company highlighted ongoing challenges in the Southeast Asian steel market, largely due to China's exports. Although China's crude steel production has decreased, high inventory levels from previous periods have kept export volumes elevated. CSC suggested that only significant production cuts in China could stabilize the volatile steel market.

CSC also noted that iron ore inventories at Chinese ports have recently increased, indicating tough market conditions. This situation is leading steel mills to cut production. Such reductions in output could help ease export pressures, ultimately benefiting steel markets across Asia.