Baosteel's August prices same as July's
By Hu Xiaocen |
July 12, 2013, Friday
|
Print Edition
Print Edition
BAOSHAN Iron and Steel Co, China's biggest listed steelmaker, will maintain July prices for its main products in August as China's weaker economic growth melts demand for the steel.
However, the statement yesterday by Shanghai-based Baosteel surprised the market which expected the company to raise prices after cutting them for June and July, traders said.
Rising evidence that China's economy is slowing is reflected in data pointing that trade in June shrank further as exports contracted from a year earlier for the first time since January 2012.
Xu Lejiang, chairman of Baosteel Group, parent of the listed maker, said steel makers face industrial overcapacity, economic slowdown and have to meet emission reduction standard. The "winter" is yet to come for the whole industry that is currently in "late autumn," Xu said.
Despite Baosteel's cautious pricing policy, the price increase by other steelmakers may lead to a rise in the ex-factory prices of steel products in August, analysts said.
However, the statement yesterday by Shanghai-based Baosteel surprised the market which expected the company to raise prices after cutting them for June and July, traders said.
Rising evidence that China's economy is slowing is reflected in data pointing that trade in June shrank further as exports contracted from a year earlier for the first time since January 2012.
Xu Lejiang, chairman of Baosteel Group, parent of the listed maker, said steel makers face industrial overcapacity, economic slowdown and have to meet emission reduction standard. The "winter" is yet to come for the whole industry that is currently in "late autumn," Xu said.
Despite Baosteel's cautious pricing policy, the price increase by other steelmakers may lead to a rise in the ex-factory prices of steel products in August, analysts said.
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