Yieh Hsing Enterprise Co., Ltd., one of the major wire rod manufacturers in Taiwan, reported that the company’s revenue was NT$372 million in June, falling by 41.2% compared to the same month a year ago. The revenue in the first half of this year was NT$2.705 billion, a year-on-year decrease of 33.9%.

Yieh Hsing said the decrease in its revenue was primarily due to lower demand from its foreign customers. The company’s products are mainly for exporting. However, its major foreign buyers, such as Europe and the US, are suffering the impacts of interest rate hikes and are digesting their stocks, so the demand becomes rare.

Yieh Hsing expected a continued weak demand in the second half of the year. If there is demand, the company’s performance will grow in steps.