Baoshan Iron & Steel, China's biggest listed steelmaker on Monday said that it will raise prices for
its main products which includes HR CR for December by 100 Yuan i.e. $16 per
ton due to increase in demand.
Following the increase Wuhan Iron & Steel, a main competitor
for Baosteel, will also raise its prices by 50-100 Yuan ($8-16) per ton for
December, its second consecutive increase, according to market sources.
An economic slowdown in China, the world's top steel
producer, had hit demand for steel, with prices falling to 26 % to three-year
low in early September from 2012 high in mid-April.
Baosteel in a statement said it would increase prices for
hot-rolled coil of low carbon grade and cold-rolled coil, used in
manufacturing, auto making and household appliances.
“Strong steel exports in September and October has
helped domestic flat product prices to rise, but compared to other majors, Baosteel is still more cautious in raising prices,” said sources
“The increase is within market expectation, due to the
increasing demand coming from end users and improvement in orders from steel
mills which has also helped to raise exports in recent months.”
Baosteel kept its main steel product (HR, CR) prices unchanged
for October and November however, Baosteel expects a slight improvement in the market's performance in the fourth
quarter.
(Sourced)
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