Baoshan Iron & Steel, China's biggest listed steelmaker, said on Thursday it would raise the February delivery prices for its main steel products.

The company will increase hot-rolled coil prices by 150 yuan per tonne and cold-rolled coil between 100 to 120 yuan per tonne. Baosteel's pricing decisions usually set the tone for the rest of the market.

For March delivery, hot-rolled coil prices will remain unchanged from their February prices, while cold-rolled coil will see a hike of up to 80 yuan per tonne.

The price hike could indicate the company is hoping to see some improvement in demand. China's steel mills are under growing pressure from a slower economy and cooling appetite for their product.

 

af.reuters.com

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