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The Russo-Ukrainian War has led European and American countries and Japan to impose economic sanctions on Russia, which may cause tension in the global supply chain of raw materials and push up steel prices in the future.
According to statistics, Russia produced 76 million tons of crude steel in 2021, while Ukraine had 21.4 million tons. The market analyzed that the two major steel-producing countries will be hindered against its export delivery, and overseas buyers will also tend to be conservative and put orders to domestic mills. It was expected the market price will fluctuate greatly.
Therefore, Taiwan''s China Steel Corporation (CSC) planned to reduce export orders and switch to supply Taiwanese local industry, in case of war risk.
Yieh Phui, a leading coating steel mill in Taiwan, accounts for 70% of export sales in 2021, and it will pay close attention to the situation and adjust domestic and export strategies.
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