Baosteel announces interim increase on Q2 prices

SteelOrbis Shanghai On Friday, March 17, Baosteel brought an additional increase on the second quarter prices of some of its products according to the changes in the market. Based on the original second quarter ex-factory prices which was announced on February 23, Baosteel raised the price of pickled and oiled hot rolled products by RMB 300/mt ($37), that of full hard cold rolled products by RMB 500/mt ($62), that of pre-painted galvanized iron products by RMB 100/mt ($12), while the prices of other products remain unchanged. Taxes are excluded from the prices. After the adjustment, the new price of 0.5 mm x 1250 mm x C TDC51D color coated coils increased to RMB 6,037/mt ($751), excluding 17 percent VAT. Baosteel revised its prices following the price increases of other steelmakers. Baosteel's current price adjustment does not cover hot and cold rolled sheets and coils, which is mainly because of the recent drops in the market prices of hot and cold rolled sheets and coils. Baosteel will also earn profit from the products marketed before the prices increase thanks to the price hike by its trading company.