Latest News:  
Beijing   Cloudy    21 / 14   City Forecast

Home>>China Society

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."

Email|Print|Comments(Editor:张茜)

Leave your comment0 comments

  1. Name

  

Selections for you


  1. Gary Locke visits primary school in E China

  2. China wins men's team title in gymnastics worlds

  3. South Koreans protest against South Korea-U.S. free trade agreement

  4. Works of Picasso at China Pavilion

Most Popular

Opinions

  1. Yuan can't solve US problems
  2. No need to sweat over Senate yuan bill
  3. Putin's visit, though routine, has special meaning
  4. China should buy US companies with forex reserves
  5. Russian-China gas deal near, boosting relations
  6. US distracts public with exchange rate issue
  7. China's institutions must grow with society
  8. Politicizing exchange rate harms China, US
  9. Strive hard for Chinese nation's rejuvenation
  10. Do credit rating agencies have credibility?

What's happening in China

Chinese Farmer Painting Pavilion in Jilin opens

  1. Taobao chaos after fee-rise protest
  2. Drunken hit, run on cop brings charges
  3. Beijingers can rent helicopters for emergencies
  4. Shanxi building specialized apple market
  5. Student pilots in kiss photos told to rest

PD Online Data

  1. Challenge to the traditional view of love and marriage
  2. House means happiness? Young Chinese' home-owning dream
  3. Fighting AIDS,China is acting
  4. Worldwide Confusius Institutes
  5. Chinese Qingming Festival