China's largest steel maker Baosteel has decided to raise prices of its major products for January 2013.
Byun Jong-Man, analyst of Woori Investment & Securities in Korea, said Baosteel has marked up January 2013 prices of hot-rolled steel products, cold-rolled products, general thick plate and marine thick plate to CNY 4,692 ($751.3), CNY 4,766, CNY 3,970 and CNY 4,080 per ton, increased by CNY 80, CNY 60, CNY 50 and CNY 50 per ton, respectively.
He explained "Baosteel had increased product prices for January 2008, 2010, 2011 and 2012. Although some prospected there would be prices raise for some of its product for the next year, it is surprising that Baosteel marked up prices of every product."
Byun added "Due to prices increase from Baosteel, China's other major steel manufacturers, such as WISCO, Ansteel, etc., are more likely to raise prices. Iron-ore prices rally would further elevate steel products prices."
Published : December 13, 2012
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