Taiwan's biggest steel mill China Steel Corporation (CSC) reported for NT$1.4 billion net loss in September, which was the first deficit month since July 2020.

High raw material costs adding to sales revenue decreasing has caused the company big loss to erode the profit from the first 3 quarters. Other CSC subsidiaries suffered from loss as well.

However, CSC expected the fourth-quarter demand would pick up to make the whole year with net profit.

The World Steel Association forecasted the steel demand outlook for 2023 with a 1.0% increase to reach 1.814 billion tons, mainly from the US infrastructure act, and automobile and energy industries' production and investment supports.

Besides, India, ASEAN, North Africa, and emerging countries' fundamental construction and upward oil prices will keep the steel demand remain growth at 3.5 to 6.7%.

Coupled with the chip shortage and supply chain obstacles in the automobile industries improving, the steel demand would pick up along with the industry's momentum.