Economy

China steelmakers likely to raise prices in Sept

(Agencies)
Updated: 2010-08-09 14:58
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Big Chinese steelmakers are likely to raise their product prices in September after a rebound in the steel market over the last several weeks, the China Securities Journal said on Monday.

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The newspaper cited traders and analysts as saying that a pickup in market steel prices that began in mid-July had prompted traders and end users to step up their orders.

Major companies, such as leading mill Baosteel, were likely to start a new round of price increases due to the secondary market price rebound and rising raw material costs, it cited the traders and analysts as saying.

Baosteel said in mid-July that it would leave most hot-rolled and cold-rolled product prices unchanged for August delivery, although traders and analysts had widely expected it to cut prices by 200 to 300 yuan ($29,53 to $44.29).