Baoshan Lifts August Steel Prices 14% (Bloomberg) July 13
By Daniel at 13 July, 2009, 8:31 am
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By Bloomberg News
July 13 (Bloomberg) — Baoshan Iron & Steel Co., China’s biggest steelmaker, raised prices by as much as 14 percent for August delivery, the second monthly gain as demand from automakers and builders improved.
Baoshan increased hot-rolled prices by between 300 yuan and 500 yuan a metric ton, and lifted cold-rolled prices by 500 yuan, Mysteel Research Institute said today. Shanghai-based Baoshan’s sales office confirmed the gains.
Benchmark Chinese steel prices have increased 16 percent since April 1 as Wuhan Iron & Steel Co., Baoshan and Maanshan Iron & Steel Co. took advantage of recovering demand. Consumption is expanding as the government spends 4 trillion yuan ($586 billion) to revive economic growth.
Crude steel production in China, the largest maker, rose to 45.4 million tons in June, the highest level this year, Umetal Research Institute said last week, citing figures from the China Iron and Steel Association. The output compared with the record 46.94 million tons set last June.
Baoshan Steel raised low-carbon hot-rolled prices by 500 yuan, or 14 percent, to 4,042 yuan a ton, excluding tax, while cold-rolled prices were increased by 11 percent to 4,876 yuan a ton, Mysteel said.
Baoshan Steel fell 1 percent to 8 yuan at 10:26 a.m. in Shanghai, similar to the 0.8 percent drop on the benchmark Shanghai Composite Index.
The mill raised prices of steel wires by 300 yuan a ton for August from July levels and ship plates by 150 yuan, while keeping prices of steel tubes and semi-finished steel products unchanged, the official Xinhua News Agency reported July 1.
http://www.bloomberg.com/apps/news?pid=20601089&sid=aVa0pprkY8VU
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