Baosteel pneumatic valves to hike steel product prices for July
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Baosteel to hike steel product prices for JulyPublished: 14 Jun 2009 22:30:50 PST , the leading steel producer in China, will raise July ex-factory prices for hot-rolled and cold-rolled steel products by RMB 500 and RMB 400 per ton, respectively, Reuters reported.
According to Reuters, the price for the hot-rolled steel products of the Shanghai-based company will be RMB 3,792 per ton, while that for cold-rolled steel products will be RMB 4,226 per ton.
People familiar with the matter said that the steel maker has not made any official announcement, but that downstream users have been informed of the new prices.
In March the steel maker slashed prices for April delivery. It did not change its prices in June, even though steel prices have been rising since mid-April, boosted by diminishing stockpiles and improving demand under the government';s stimulus policies.
The move reflects Baosteel';s optimistic outlook on steel demand in the near future, but will put pressure on the iron ore price talks, which have came to a deadlock.
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