Latest News:  


Steel prices jump with iron ore up

By Zhang Ye (Global Times)

08:11, January 08, 2013

Domestic steel producers have started to increase their product prices across the board as 2013 gets underway, in response to rising material costs, analysts told the Global Times Monday after Baoshan Iron & Steel Co (Baosteel) announced a price hike.

Shanghai-based Baosteel said Monday it would raise prices on all products in February by amounts ranging from 80 yuan ($12.80) per ton to 160 yuan per ton before taxes.

Industry counterparts also scheduled price increases Monday.

Data from steel information portal indicated that on Monday Anyang Iron & Steel Group Co in Central China's Henan Province raised product prices by 50 yuan per ton (including tax), and Shandong Iron & Steel Group Co in East China's Shandong Province raised prices by 100 yuan per ton (including tax). chief analyst Jia Liangqun attributed the industry-wide price hike to the inflation of steelmakers' main raw material—iron ore, which is seriously undersupplied in the current Chinese market.

Domestic iron ore mines tend to be small in scale and were vulnerable to the strong deflation of iron ore in September 2012, resulting in 40 percent of them shutting down temporarily and an inventory decline around the country, Jia told the Global Times Monday.

According to the China Iron and Steel Association, domestically produced iron ore hit 2012's lowest price of 816.66 yuan per ton in September, rebounding to 890.28 yuan at the end of December.

Besides, China's steel firms prefer to use more expensive imported iron ore, given that domestically produced iron ore has a lower iron content, Jia noted, adding that the current price of imported iron ore is more than $150 per ton.

We recommend:

Mainland, Taiwan airlines sign co-op contract

Great changes in Zhengzhou railway station

Wanda Group ventures onto the global stage

Sports car makers look to mainland market

Top Ten Economic Events in 2012

'Gold road' laid with gold bars


Leave your comment0 comments

  1. Name


Selections for you

  1. Chinese navy conducts submarine rescue drill

  2. China's J-10 fighters test fuel drain system

  3. Selected Xinhua int'l news pictures of the year 2012

  4. Uniform ladies publicize traffic rules

  5. China’s weekly story (2012.12.27-2013.1.4)

  6. Power project completes Huaihe River stage

  7. Top 10 highest-earning Chinese athletes of 2012

  8. Simply Beautiful Photos: Palette

Most Popular


  1. Foreign aid,NOT enough for Chinese soccer
  2. Reliance on land sales 'must be reformed'
  3. Heroism, a matter unrelated to wealth
  4. 'Chinese Fortune Grandpa' VS 'Santa Claus'
  5. China Voice: Blind eyes are deadlier than blazes
  6. Light amidst global gloom
  7. Where should China's badminton head for?
  8. Why ‘Chinese style road crossing’ occurs

What’s happening in China

Girl wearing "military uniform" parade on the street to publicize the new traffic regulation

  1. Mayor apologizes for chemical contamination
  2. Shopping mall fire contained in NE China
  3. China prepares for Spring Festival travelers
  4. Chemicals contaminate N China river
  5. Chinese drivers question new traffic rule