On March 24, Chinese steel giant Baosteel Group released a new price list for April, making an upward adjustment of RMB 200/mt ($29/mt) to its low carbon hot rolled product prices and increasing the prices of its other hot rolled products by RMB 300/mt ($44/mt). This marks the third price announcement made by Baosteel in the current month.
On March 11, Baosteel had raised its wire rod prices by RMB 150-300/mt for April. Subsequently, on March 17, the company released a new price list for pickling steels, cold rolled and galvanized steels, leaving prices unchanged.
As some insiders have stated, this latest price adjustment by the steel giant is line with expectations in the market, as the producer had not made any changes to its hot rolled prices in its previous two announcements.