Taiwanese China Steel Corp. (CSC) has decided to raise its domestic steel product prices by an average of 1.2% for March.

According to the company, it would increase price on HRC by NT$450/ton and NT$360/ton on CRC, 500/MT on EG, and it will remain prices flat for all other steel products.

The reason for price hike is steel prices have risen in Europe and the US market due to better global economic outlook, said the company.

CSC also said that China's steel market is still in a correction, but the low inventory situation is likely to push demand up soon.