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Baoshan to raise prices of main products
By Richard Fu |
January 7, 2013, Monday
|
Online Edition
Online Edition
BAOSHAN Iron & Steel Co, China's largest listed steel company, will raise February prices of its main products due to higher raw material costs and rising demand.
The Shanghai-based mill will raise hot-rolled steel product prices by 160 yuan (US$25.7) a ton and cold-rolled steel product prices by 120 yuan a ton, according to a statement today. The company's monthly pricing policy usually sets the tone for other domestic steelmakers.
This is the third consecutive month Baosteel has risen prices and the latest increase is bigger than the previous two hikes.
Prices of iron ore, the key steel-making ingredient, rose 30 percent over the past month, as steelmakers boosted stockpiles and overseas miners reduced supplies during holiday seasons. Higher ore prices also came as China accelerated approvals for major infrastructure projects to bolster economic growth.
Steel prices gained only 6 percent over the same period, so mills need to raise prices in response to the higher ore costs, UBS analysts wrote in a note today.
Higher raw material costs have caused wider losses in China's steel industry. About 24 percent of the 163 Chinese mills surveyed by Mysteel.com were losing money as of December 28.
The Shanghai-based mill will raise hot-rolled steel product prices by 160 yuan (US$25.7) a ton and cold-rolled steel product prices by 120 yuan a ton, according to a statement today. The company's monthly pricing policy usually sets the tone for other domestic steelmakers.
This is the third consecutive month Baosteel has risen prices and the latest increase is bigger than the previous two hikes.
Prices of iron ore, the key steel-making ingredient, rose 30 percent over the past month, as steelmakers boosted stockpiles and overseas miners reduced supplies during holiday seasons. Higher ore prices also came as China accelerated approvals for major infrastructure projects to bolster economic growth.
Steel prices gained only 6 percent over the same period, so mills need to raise prices in response to the higher ore costs, UBS analysts wrote in a note today.
Higher raw material costs have caused wider losses in China's steel industry. About 24 percent of the 163 Chinese mills surveyed by Mysteel.com were losing money as of December 28.
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