China Steel Corp (CSC), the largest steelmaker in Taiwan, has announced significant reductions in its domestic steel prices for next month and the upcoming quarter due to worsening demand conditions. The Kaohsiung-based company will lower prices by NT$800 to NT$1,200 per tonne for October, a larger cut compared to this month's reductions of NT$500 to NT$600.

For the next quarter, CSC plans to cut prices by NT$500 to NT$1,500 per tonne across most product lines, while maintaining the price of SM570M-type steel plates for construction. The company cited a weak global steel market and a prevailing wait-and-see sentiment among domestic firms as key factors influencing this decision.

Additionally, global steel demand has declined amid a slow recovery in manufacturing, particularly in the US. In response to increased competition from cheaper imports, CSC aims to adjust its pricing strategy. Other regional players like Angang Steel and Formosa Ha Tinh have also reduced their prices in light of similar market pressures. Despite these challenges, CSC reported a 218% increase in pretax profits for the first seven months of the year, although profits dipped in July compared to June.