Friday, November 12,
China’s leading steel maker Baosteel said it would keep the prices of December bookings for its main hot-rolled and cold-rolled products unchanged.
It is the second consecutive month that the company, China’s second-biggest steel producer, has kept its prices unaltered, with hot-rolled steel at 4,142 yuan ($624.4) per tonne and cold-rolled products at 5,336 yuan.
Baosteel’s pricing moves set the tone for the industry as a whole, and despite a 6 percent increase in spot market prices this week, the company’s outlook remains cautious.
The third-quarter profits of Baosteel’s Shanghai-listed unit fell 16 percent and the company said product prices were likely to stagnate in the fourth quarter
Source: Reuters
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