Date
23 October 2017

Baosteel raises March prices despite high inventory, paper says

Baoshan Iron & Steel Co. Ltd. (600019.CN) has raised its March steel prices by 50 to 100 yuan per ton, although national steel reserves have increased for six consecutive weeks, piling pressure on the price of the commodity, the National Business Daily reported Thursday. However, Baosteel is offering a discount of 50 to 100 yuan per ton for orders made in advance, which basically offsets the price hike. Several industry analysts said it is unlikely that other steel producers would follow Baosteel’s lead, and this could lead to wider the difference in profitability among industry players, the report said.

– Contact HKEJ at [email protected]

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