After Taiwan's China Steel Corporation (CSC) increased its prices for the first quarter of 2024, other Taiwan steel mills, such as Feng Hsin and Wei Chih, also announced an increase in their base prices.

According to market participants, the demand didn't recover from the end industry, and the export performance was obviously weak. However, the inventory from downstream customers all went down. As the raw material prices rose, some customers began to purchase because they forecasted the prices from upstream manufacturers might keep increasing. In addition, Feng Hsin Steel is scheduled to have annual maintenance during the Chinese New Year holidays. Some clients might start stockpiling in advance.