Country's three largest steel mills raise prices

09:45, August 18, 2010      

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China's three largest steel giants, Baoshan Iron & Steel Co. (Baosteel), Anshan Iron and Steel Group Corporation (Ansteel) and Wuhan Iron & Steel Group (WISCO), announced Monday a price adjustment to major steel products starting September.

Baosteel will have its prices raised from 150 yuan ($22.07) to 800 yuan ($117.72) per ton (depending on product); Ansteel will have an adjustment of 200 to 1,000 yuan per ton (depending on product) and Wisco's will range from 200 to 800 yuan per ton (depending on product).

Industry insiders are predicting that a price-raising spree has begun since the industry, after consecutive three months on the slowdown, started from July 19 to see good recovery.

Hu Yanping, an analyst from Umetal.com, said that as the busy season for sales approach, steel prices are naturally likely to soar till the end of the year. He also said that recent natural disasters contribute to the price adjustment as they (disasters) cause a bigger necessity for metals.

Source: Global Times

(Editor:黄蓓蓓)

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