China's Bao steel, country's largest steel maker have raised its January flat steel prices by $12-13 per tonne on improved demand from domestic and export markets.
Market experts also justify increase in steel prices with continuous growth in automobile sector and rise in spot iron ore prices.
Iron ore prices have recently gained $4-5 per tonne on tight supply and bullish sentiments. Current export offers for HR coil from China stands at around $560-570 FOB.
Market participants also mention that rise in Chinese steel prices will lend support to steel prices across the globe.
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