China’s Baoshan Iron and Steel raise its flat steel price for April delivery by Yaun 150-220/mt. The main stream flat steel product price are hiked by Yuan 100-220/mt ($16-35). The mill decision comes after a day when they announced steel demand to remain low.
“Demand to remain at 3% for the commodity used in everything from washing machines to construction beams. We have entered a period of stability,†said He Wenbo, chief executive of Shanghai-based Baosteel, referring to steel demand.
If the three per cent expansion materializes, it will be the second year in a row of slow growth for China’s steel industry, which produces nearly half of the steel in the world and accounts for 60 per cent of seaborne trade in iron ore, a key steelmaking ingredient.
China’s demand for steel and iron ore is closely watched because it set the trend in international market.
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