Taiwan-based China Steel’s (CSC) carbon steel sales in May 2020 were 730,444mt, down from 844,741mt in May 2019. Accumulated sales (Jan-May) stood at 4,314,522mt, a marginal decline from 4,325,553mt in the prior-year period.
In May 2020, around 67pc of CSC’s sales were in the domestic market while in Jan-May period, sales in the domestic market accounted for 68pc.
Share of sales in the domestic market declined from 72pc in May last year. Demand for finished steel in Taiwan has been hit by COVID-19 related lockdowns. The country depends on India for procurement of finished steel raw material. The stringent social distancing measures in India also affected Taiwan’s supply chain.
In May 2020, the steelmakers consolidated loss before income tax totalled NTD534.99mn compared to consolidated income before income tax of NTD1.71bn. In April, the company’s consolidated loss stood at NTD493.15mn.