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According to Yieh.com, Baosteel announced a price increase for September driven by high prices for iron ore and raw materials from other countries.
Baosteel has decided to raise prices for hot rolled and cold rolled coils by 200-400 yuan per ton. The company has been raising prices for the fourth month in a row.
The price hike from Baosteel is expected to spur other steel makers in Asia to raise steel prices. Taiwanese China Steel Corp. (CSC) and Vietnamese Formosa Ha Tinh Steel Corporation (FHS) may raise prices in the near future.
