WISCO to raise steel prices in May

16:22, April 14, 2010      

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Wuhan Iron and Steel Group Corporation (WISCO) announced yesterday it will raise the prices of its major steel products by 500 yuan per ton on average in May.

Industrial analysts believes that China's other major steel mills including Baosteel and Angang Steel may follow WISCO's action.

WISCO raised its screw-threaded steel price to 4,900 yuan per ton, highest in recent years. Statistics from Mysteel.com showed that the average price of 20mmHRB335 screw-threaded steel in China's 23 largest cities hit 4,513 yuan per ton last week, 150 yuan higher than March.

Domestic steel mills currently face hiking costs. With increase demand for steel products and bright outlook for higher steel prices, in the short term, steel prices will continue to rise.

Some industry insiders said that due to surging iron ore and coke prices, steel mills' price hike maybe even unable to cover the rise in costs. The spot price for iron ore has hit 1,300 yuan and the cost of smelting a ton of iron ore is 2,000 yuan, says an official with a steel mill.

By People's Daily Online


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