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Print[Ferro-Alloys.com]China’s Baoshan Iron & Steel , the country’s biggest listed steelmaker, said on Monday it will raise the February booking prices for its main steel products, reflecting rising raw materials costs and a firmer outlook for steel demand.
Baosteel’s pricing decisions usually set the tone for the rest of the market, and the increase is likely to encourage other large mills to follow.
The company will raise hot-rolled coil prices, mainly for manufacturing, by RMB 160 (US$25.68) a tonne and cold-rolled coil prices for auto sheet by RMB 120 a tonne respectively.
Prices of other steel products including hot-dipped galvanised coil and electrical steel will also be increased by RMB 80-120 a tonne for February.
Prices of iron ore, the key steelmaking raw material, has spiked more than 30 per cent in December to its highest in more than a year and rose above US$150 a tonne last week, forcing mills to raise prices.
“The big rally in imported iron ore prices brings rising pressure for steel mills, so they have to transfer the production cost,” said Hu Yanping, an analyst with industry consultancy Custeel.com in Beijing.
Expectations of an improvement in demand for steel in March and April, as China’s economic recovery gains strength, has also promoted mills to push up prices, Hu added.
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