Chinese Baosteel announces domestic price increase

Chinese Baosteel announces domestic price increase

Chinese steelmaker Baosteel increased sales prices in the domestic market. Price of unskinpassed commercial grade hot rolled material is increased by RMB 100/mt (approximately $12/mt) while wire rod price is increased by RMB 200/mt (approximately 24/mt). These increases will all be valid for second quarter deliveries. Baoshan management thinks new quotas will effect the supply into the market and demand will remain strong. Baosteel will also reduce capacity due to maintenance.