China's Hebei Iron & Steel Group raised steel product prices by up to 300 yuan per ton, effective from Wednesday. This has raised expectations that other major steel mills will follow suit soon.
The company is the country's top steel maker in terms of output. It didn't say how long the new price levels would be in place. It's been widely expected that leading Chinese steel mills would push up their ex-factory prices. Steel prices on the domestic market have started to rise since mid-July after falling by 20 percent, despite much slower demand growth.
China's second largest steel mill Baosteel has yet to make a decision. Baosteel is the traditional pricing leader on the domestic market.
- Steel prices set to firm up 2010-07-28