Yieh Phui Enterprise Co., Ltd. (Yieh Phui), a leading coating steel mill in Taiwan, yesterday (July 31) announced an increase of NT$500/ton in its galvanized and pre-painted steel for August domestic sales and a hike of US$10/ton for export sales, the first increase in four months.

Yieh Phui said that Taiwan’s steel market has bottomed out, and the market confidence is gradually recovering. The overall inventory is currently low, and market players are about to start purchase for their stock replenishment.

The global steel market is now gradually recovering. The Manufacturing Purchasing Managers' Index (PMI) of major steel producing countries are rising month by month. The Fed’s interest rate hike is going to end, and the inflation has eased. The rate of housing starts and sales continued to pick up, which will boost steel demand.