Baosteel increases prices for 2nd time in a month
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E-mail Shanghai Daily, January 23, 2013
Baoshan Iron and Steel Co raised prices for main products for the second time in a month as it is positive about the market outlook and also to pass on higher costs, an analyst said.
The booking prices for March delivery will rise 200 yuan (US$32) a ton for most hot-rolled and cold-rolled products, according to a Baosteel statement yesterday. The Shanghai-based mill raised February prices by 160 yuan a ton on January 7.
The company should have announced March pricing around February 10, but it did it in advance probably in order to arrange contracts before the Lunar New Year holidays in mid-February, said Custeel analyst Hu Yanping.
"Baosteel has received rising orders for February,'' she said, adding the firm is bullish over demand for March and April, the traditional peak season.
Higher iron ore prices have also spurred Baosteel to raise prices to profit in advance, according to Hu.
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