Taiwan's Chung Hung Steel announced a new base price this week, which was the first price cut in nearly 17 months.

At present, the global economy is under several impacts of lack of raw materials, labor, chips, shipping containers, and power electricity, which has caused a disruption in the cycle of supply and demand.

However, the epidemic situation in various countries has slowed down, and related manufacturing industries have gradually resumed operation. It was expected that the trend in the first quarter next year is optimistic.

Therefore, Chung Hung Steel took into account the competitiveness of the downstream industry and the business performance and decided to reduce its price appropriately, keeping it close to the global market.