11/14/2012
NEWS BRIEFS
Baosteel Raises Prices For December

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China steelmaker Baoshan Iron & Steel will raise its main steel product prices for December by 100 yuan ($16) a ton, “in line with a modest pick-up in demand,” Reuters reports.
“An economic slowdown in China, the world’s top steel producer, had hit demand for steel, sending prices tumbling 26 percent to three-year lows in early September from the 2012 high in mid-April,” Reuters reports. “Iron ore prices slid 40 percent in the same period.”

Baosteel increased prices for hot-rolled coil of low carbon grade and cold-rolled coil.
Baosteel kept its main steel product prices unchanged for October and November.

News of the hike was followed by an announcement from Baosteel rival Wuhan Iron & Steel that it also will raise main product prices by 50-100 yuan per ton for December. ©2012 GlobalFastenerNews.com