It's reported that China Steel Corp (CSC) in Taiwan announced that it would raise prices by an average of 3.08% on domestic products for March delivery, marking the company's highest price increase in more than a year.

The main factors that drive the increase come from the improving economic conditions, rising iron ore prices and low inventory levels across the market. Major Chinese steelmakers' recent prices raise on urbanization plans that reflect rising demand also help the increase.

Prices for March shipments on benchmark hot rolled sheets and coils will increase by NT$551/ton, cold rolled sheets and coils mainly for the automotive industry are to increase by NT$760/ton, while those for electrical sheets will raise NT$241/ton. Steel bar and rod prices to increas NT$818/ton, and hot dipped zinc galvanized sheets are to be increased by NT$600/ton.

However, steel plates for construction only increase slightly for NT$74/ton and electro galvanized sheets remain unchanged.

CSC reported revenue for the whole 2012 of NT$207.19 billion, down 13.8% from NT$240.38 billion in 2011.