Reuters logo
UPDATE 1-China's Baosteel raises main steel product prices for Jan
December 11, 2012 / 6:11 AM / 5 years ago

UPDATE 1-China's Baosteel raises main steel product prices for Jan

* Baosteel raises HRC price by 80 yuan/T

* CRC price rising 60 yuan/T

* Signaling recovery, rising car sales help (Adds background)

SHANGHAI, Dec 11 (Reuters) - 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 the rally.

Analysts expected little room for hot-rolled coil prices to fall in December due to lower steel output and higher steel mill prices.

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)

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below