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China's Baosteel raises August prices - report

Sun Jun 22, 2008 9:29pm EDT

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SHANGHAI, June 23 (Reuters) - Baoshan Iron & Steel Co (600019.SS), China's largest listed steel maker, has raised product prices for August by between 200 and 400 yuan per tonne, the official China Securities Journal reported on Monday.

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The price for cold-rolled steel was raised by 200 yuan ($$29) to 6,496 yuan per tonne, while the price for hot-rolled steel climbed 300 yuan to 5,292 yuan, the newspaper quoted industry sources as saying.

Baosteel officials were not immediately available to comment.

The newspaper quoted analysts as saying the price hikes were prompted by a widening gap between export prices and domestic prices for steel, and by increasing production costs. ($1 = 6.88 yuan) (Reporting by Andrew Torchia; editing by Anne Marie Roantree)

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