Steelmaker ups prices by 20%

SHANGHAI: The nation's largest steelmaker Baoshan Iron & Steel Co yesterday raised product prices by up to 20 percent for the second quarter on higher raw material costs and a projected increase in domestic demand.

The higher-than-expected price rise helped lift Baosteel shares by 0.28 percent to close at 17.67 yuan yesterday, despite a sharp fall on the benchmark Shanghai Composite Index.