Baosteel raises prices sharp

SteelOrbis Shanghai Baosteel formally announced on Thursday, February 23, its second quarter product prices. Semi finished and finished steel prices saw considerable price hikes except for some specialty semi finished product. Generally speaking, the increase is in the range of RMB 100-10,000/mt ($12-1,242) for semi finished products, in RMB 0-1,000/mt ($0-124) for wire rods, RMB 350-400/mt ($43-50) for hot rolled products, RMB 600-700/mt ($75-87) for cold rolled products, RMB 200-500/mt ($25-62) for hot dip galvanized and RMB 500-800/mt ($62-99) for aluminum and zinc plates, RMB 300/mt ($37) for electro-galvanized plates, RMB150-400/mt ($19-50) for color coated coils, RMB 100-300/mt ($12-37) for wide and heavy plate and RMB 0-10,000/mt ($0-1,242) for steel pipe/tube. Baosteel did not change the base price of electric steel and electro-tinning products but the price differs among various specifications. The increases are for 17% VAT excluded prices. Steelorbis Shanghai will report specific prices for each product later. Chinese steel market is currently stable after the continuous price increase. Baosteel's this current hike in ex-factory prices will drive up the Chinese steel prices.