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Baosteel will keep November prices flat

(Shanghai Daily)

09:45, October 13, 2011

Shanghai--Baoshan Iron and Steel Co has kept prices unchanged for its main products for November delivery after increasing them for two months.

Its move reflected a fall in spot market prices amid concerns over a slowing global economy which could reduce commodity demand. Baosteel is China's largest listed steel producer, and its monthly pricing is often seen as a benchmark in the domestic market.

The Shanghai-based company left unchanged prices of hot-rolled and cold-rolled products, zinc-galvanized sheets as well as heavy steel plates from October levels, according to a company's statement yesterday. It cut prices for silicon steel products by between 200 yuan (US$31) and 600 yuan per ton.

Baosteel also warned of a downward risk in the overall steel market because of changes in economic fundamentals.

"There will be heavy pressure on the steel market in the fourth quarter," Baosteel Daily, a company newspaper, said yesterday, citing the deteriorating European sovereign debt crisis and the declines in global capital markets.

The World Steel Association yesterday said global steel demand may grow 6.5 percent this year and another 5.4 percent next year after rising 15 percent in 2010.

"Our current forecast for 2012 assumes that developing economies continue to drive global growth and the policy response to the European sovereign debt crisis prevents increased volatility in the equity and financial markets," the association said.

Daniel Novegil, chairman of the association's economics committee, said: "In light of this global economic uncertainty, our forecast should be considered as cautiously optimistic."


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