China Steel Corp (2002.TW), Taiwan’s largest steelmaker, said unaudited pretax profit for the first nine months of the year rose 3.95 pct to 48.52 bln twd.

In the third quarter to September alone, pretax profit was 15.35 bln twd.

Third-quarter parent sales rose 14.81 pct from the previous quarter to 76.89 bln twd.

In today’s trade, China Steel closed limit-down 0.80 twd or 3.5 pct at 22.90.

It is reported that the market prices of carbon steel cold rolled have dropped continuously in Shanghai.
 
 As per report, price of cold rolled sheet with thickness 1.0mm from Ansteel is currently being quoted at CNY 5,320 per tonne a drop of CNY 130 per tonne compared with the previous day and thickness 1.5mm is only CNY 5,220 per tonne with a drop of CNY 100 per tonne compared with the previous day.
 
 Regarding the cold rolled coil, the price for 1.0mm thickness from Masteel is at CNY 5,050 per tonne.

Affected by the typhoon, Taiwan’s Feng Hsin Iron & Steel has delayed to announce price and said that it will hold domestic rebar and scrap prices unchanged this week. This move is bringing its prices stable after the nosedive in the past weeks.
 
 Feng Hsin’s rebar price is now about TWD 21,500 per tonne and that of scrap purchasing price is now between TWD 10,900 to TWD 11,600 per tonne.
 
 Feng Hsin dropped its section price by TWD 1,000 per tonne and the new offer price is in the range of TWD 24,000 to TWD 24,200 per tonne.

Taiwanese steel traders reportedly attempt to import the hot rolled coils about 100,000 to 200,000 tonnes to substitute China Steel Corporation’s offers in order to protest against the higher market price in the fourth quarter.
 
 The global steel prices are dropping dramatically, as the latest hot rolled price released from China is about USD 740 to USD 760 per tonne. However, CSC still insists on its hot rolled price at USD 880 per tonne that has broadened the price disparity between CSC’s and steel market.