Tuesday, March 15,
Baoshan Iron & Steel traditionally the market leader in setting prices, has not released April prices yet, but is expected to maintain prices at steady levels as well..*
Wuhan Steel’s move in expected to be in line with market expectations after the mill raised prices for three months in a row to pass on rising raw materials costs to buyers..*
Chinese steel mills have ramped up to full capacity since this year after a government-led energy-saving campaign ended, producing a record 1.94 million tonnes per day in February, further weighing on a surplus amid weak demand.
As per Industry experts, “This was not beyond our expectations. Steel buying in China has not been good, and prices have been falling recently”
Prices of iron ore have touched a three-month low this week, tumbling almost 15 percent since the Lunar New Year holiday as steel mills halted purchases of the raw material after failing to capitalize on falling steel prices and demand.
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