China's Baosteel announces price increase for Mar
China's Baoshan Iron & Steel (Baosteel) announced the price for March yesterday(January 31). Due to the long Lunar New Year holidays, Baosteel decided to announce the price in advance, increasing the price by CNY 100/ton for hot-rolled and cold-rolled products.
According to the understanding, Baosteel should receive enough orders before the holidays. The iron ore and coal prices remained at a high level and many steel mills had maintenance during this period. As a result, it might be a good choice to hike the prices slightly to stabilize the market.
Market analysts believed that there might be more demand for construction steel after the Chinese New Year holidays. The price rise measures might be a good way to recover the demand gradually in the market.
Vietnam’s Formosa Ha Tinh Steel Corporation (FHS) and Taiwan's China Steel Corp. (CSC) will also announce their new prices soon. The new prices from FHS and CSC are expected to refer to Baosteel's prices.
