August 10,
Big Chinese Steelmakers are likely to raise their product prices in September after a rebound in the steel market over the last several weeks, the official China Securities Journal said on Monday.
The state-run newspaper cited traders and analysts as saying that a pickup in market steel prices that began in mid-July had prompted traders and end users to step up their orders.
Major companies, such as leading mill Baosteel were likely to start a new round of price increase due to the following:-
- Rising raw material costs
- Secondary market prices bouncing back
However, Baosteel said in mid-July that it would leave most hot-rolled and cold-rolled product prices unchanged for August delivery. But traders and analysts had widely expected it to cut prices by 200 to 300 Yuan ($29.50 to $44.30) a tonne at that time.
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