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 September 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 held steel prices for July bookings unchanged and raised the prices for August bookings. The prices extended the rise in September, indicating the company is optimistic about the 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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