8/4/2009
HEADLINES
China Steel, Baosteel Hiking Prices

China Steel of Taiwan plans to raise its domestic prices by more than 9% in September, spurred by increased demand, Reuters reports. The hikes are the largest price increases since the 17.8% jump in prices during the third quarter of 2008.

The hikes follow news that Baosteel would boost prices by as much as 13% in August.

China Steel reportedly expects prices to continue rising this year as the global economy strengthens.

“We’ve seen demand recovering after hitting bottom around April,” company vice president L.M. Chung told Reuters. “More price upside is likely at least throughout this year, as long as there is no abrupt surge in output in other countries.”

The latest price hikes follow China Steel’s prices increases of 7%, or US$38.67, for July and August. Wire rod hikes were lower, with an average increase of NT$500 (US$15.25). ©2009 GlobalFastenerNews.com

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