Asian Fastener Makers Seek Regional Competition Cuts
Asian Fastener Makers Seek Regional Competition Cuts
Jason Sandefur
Industrial fastener manufacturers from Taiwan, China, South Korea and Japan have planned an October 22 meeting in Busan, South Korea, to discuss curbing competition among Asian manufacturers, Taiwan Economic News reports.
Taiwan Industrial Fastener Institute chairman D.B Sun, who is leading the Taiwanese delegation, is hoping for a breakthrough in negotiations with China on how to stop the “escalating price-cutting competition between them,” according to the Economic News. Sun claims that low-end products from China have largely eroded Taiwanese manufacturers” profits.
“The vicious competition has badly hurt Taiwan”s industrial fastener industry since the island exports 90% of its fasteners, compared to China”s 50% and Japan”s 20%,” the Economic News reported.
Japan is paid an average US$3.80 per kilogram for its fastener exports, compared with Taiwan”s average price of US$1.90 and China’s average price of US$1.10. �2006 FastenerNews.com
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