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According to Yieh.com, Baosteel, one of the largest in China, will soon announce its new steel product price for December.
As you know, world steel prices have risen sharply. Market participants expected that due to high prices for global raw materials, Baosteel will increase prices for hot-rolled coils in December.
In November, Baosteel cut the price of hot-rolled coil by 100 yuan per ton, and for other goods in general increased the price by 100-150 yuan per ton. Baosteel has increased its hot-rolled coil price for 5 consecutive months, resulting in a total increase of about RMB 680 per tonne.
Baosteel halted its continuous price hike in November as demand fell short of expectations following the national holidays in September. However, in October, steel prices in China rose sharply, which was also typical of world prices. Therefore, the market naturally expects that Baosteel will increase prices for its products in December.
