Baosteel raises March prices up to 7.4%

By Fu Chenghao | February 12, 2010, Friday |

Online Edition

BAOSHAN Iron and Steel Co has raised its March prices for major products by up to 7.4 percent in response to higher demand and rising costs.

Analysts said Baosteel also used the opportunity to make up losses in February, when the biggest listed steel mill in China unexpectedly suspended price increases.

Hot-rolled coil for March delivery increased by 300 yuan (US$44) a ton, or 7.4 percent, from February, while prices for cold-rolled products also rose 300 yuan, or 5.4 percent, Baosteel announced today.

The price hike is within analysts' expectations given the recent industry-wide margin squeeze driven by a fall in spot steel prices since early January and rising coke and iron ore prices, according to Beijing Gao Hua Securities, Goldman Sachs' partner in China.

Baosteel closed 2.43 percent higher at 8.02 yuan today in Shanghai trading.

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Baosteel raises March prices up to 7.4%

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