1/11/2011
NEWS BRIEFS
Baosteel Announces Rising Prices
Baosteel announced price increases of 100 yuan ($15.07) per ton for its main products, including hot-rolled coil and cold-rolled coil, Reuters reports.
The increase is the second in two months.
Baosteel moved to cope with rising first-quarter raw materials cost.
“The increase has been expected as raw materials cost has been high in the first quarter,” explained Custeel.com analyst Hu Yanping.
Also demand and prices may improve after the Lunar New Year,” said Hu Yanping, an analyst with Custeel.com.
Baosteel has been trying to balance price hikes with falling demand as construction activity weakened.
“Baosteel has received falling orders in January compared with December, so the company has been very careful to make such increases,” Du Hui, an analyst with Qilu Securities said. ©2011 GlobalFastenerNews.com
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