China’s Baoshan Iron & Steel , the country’s biggest steelmaker, said on Monday it will raise the February booking prices for its main steel products, amid high raw material prices and improved demand.
Baosteel prices are considered to be trend setter for the market.
The company will raise hot-rolled coil prices, by 160 yuan (US$25.68) a tonne and cold-rolled coil prices for auto sheet by 120 yuan (US$19.26) a tonne respectively and other galvanized steel product prices are raised by 80-100 Yuan.
Prices of iron ore, the key steelmaking raw material, has spiked more than 35 per cent in December to its highest in more than a year and rose above US$150 a tonne last week, forcing mills to raise prices.
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