Baoshan Iron and Steel Co., Ltd, also known as Baosteel, a subsidiary of state-run China Baowu Steel Group, increased its domestic base prices for most main steel products by 100-200 yuan/t for August 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 cut steel prices in June bookings and held the prices for July bookings unchanged. The price revision to rise in August indicated the company's improved sales outlook.
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 Riley Liang Editing by Emma Yang)
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