Baoshan raises steel prices 14% for Aug delivery

Shanghai, July 13 (Gasgoo.com) China's biggest steelmaker Baoshan Iron & Steel Co. has raised its steel prices by up to 14% for August delivery, the second monthly gain with the growing demand from automakers and builders, Bloomberg News reported today.

Baoshan increased hot-rolled steel prices by between 300 yuan ($43.92) and 500 yuan a metric ton, and lifted cold-rolled prices by 500 yuan. Shanghai-based Baoshan's sales office confirmed the gains.

Benchmark Chinese steel prices have increased 16% since April 1 as Wuhan Iron & Steel Co., Baoshan and Maanshan Iron & Steel Co. took advantage of recovering demand.

Crude steel production in China increased to a new high level of 45.4 million tons in June, according to the China Iron and Steel Association. This output compared with the record 46.94 million tons set last June.

Baoshan Steel has raised low-carbon hot-rolled prices by 500 yuan, or 14%, to 4,042 yuan a ton, excluding tax, while cold-rolled prices were increased by 11% to 4,876 yuan a ton.

The company has raised steel wire prices by 300 yuan a ton for August from July levels and ship plates by 150 yuan, while keeping prices of steel tubes and semi-finished steel products unchanged.