* Baosteel raises HRC price by 80 yuan/T
* CRC price rising 60 yuan/T
* Signaling recovery, rising car sales help
SHANGHAI, Dec 11 China's Baoshan Iron & Steel
, the country's biggest listed steelmaker, said on
Tuesday it will raise the January booking prices for some of its
steel products, a signal the company is increasingly optimistic
about its prospects.
The company will raise hot-rolled coil prices by 80 yuan
($12.81) per tonne and cold-rolled coil by 60 yuan per tonne.
Baosteel's pricing decisions usually set the tone for the rest
of the market.
Baosteel provides about half of the domestic market supply
of cold-rolled coil sheets used in carmaking.
Chinese vehicle sales rose 8.2 percent in November from a
year earlier, with the pace of growth picking up from the
previous month as Japanese car makers showed signs of recovering
following a huge slump.
Hot-rolled coil prices also rose 5 percent in November,
traders said, encouraging steel mills to raise prices to chase
Analysts expected little room for hot-rolled coil prices to
fall in December due to lower steel output and higher steel mill
Rising industrial output and retail sales in November at
their fastest annual pace in eight months suggests that the
growth in the world's second-largest economy is picking up after
a long slide.
Baoshan Iron & Steel, China's biggest listed
steelmaker raised prices for December by 100 yuan ($16) a tonne,
after keeping them unchanged over October and November.
($1 = 6.2451 yuan)
(Reporting by Ruby Lian and David Stanway; Editing by Kazunori
Takada & Kim Coghill)