Baoshan Iron and Steel Co., Ltd, also known as Baosteel, a subsidiary of state-run China Baowu Steel Group, continued to increase its domestic base prices for some main steel products by 100-200 yuan/t for April bookings.
These steel products include hot-rolled coil and sheet, heavy plate, cold-rolled coil and sheet, pickled steel, and hot-dip galvanized coil.
Baosteel's pricing decisions are generally regarded as a bellwether for the industry. The firm had raised steel prices from January to March bookings and the prices extended the rise in April, indicating the company is optimistic about the near-term demand recovery.
Baosteel's heavy plates are mainly used in shipbuilding, offshore platform, boiler, pressure vessel, pipeline, high building, bridge and heavy-duty trucks, etc. and hot-rolled steel products are widely used in ship, automobile, bridge, building, machinery and pressure vessel and other industrial applications.
(Writing by Emma Yang Editing by Harry Huo)
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