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China's Baosteel raises key August steel prices

Sun Jul 12, 2009 9:44pm EDT

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SHANGHAI, July 13 (Reuters) - China's Baoshan Iron and Steel Co Ltd (600019.SS) (Baosteel) has raised August prices for its major products by 9 to 13 percent versus the July tags, higher than market expectations, trade sources said on Monday.

Baosteel, the listed unit of China's largest steelmaker, has raised the price of straight-carbon hot-rolled steel coil by 350 yuan per tonne, while increasing the price of low-carbon hot-rolled steel coil by 500 yuan a tonne.

The company also raised the price of cold-rolled steel coil by 500 yuan a tonne, trade sources said, adding that they were surprised by the price hikes. (Reporting by Alfred Cang and Jacqueline Wong)



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