Baosteel, a major steel mill in China, is preparing to announce its new price for December.
According to the agreement, world steel prices rose sharply. Market participants expected Baosteel to raise HRC prices in December due to high prices for global raw materials.
In November, Baosteel lowered the HRC price by 100 yuan per tonne and increased the price of other products by 100-150 yuan per ton in general. Baosteel has increased the HRC price for five consecutive months, resulting in a total increase of about RMB 680 per tonne.
Baosteel halted its continuous price hike in November as demand after the long national holidays in September was not as strong as expected. However, in October, steel prices in China rose sharply and world steel prices rose sharply. Therefore, it was expected that the price of Baosteel in December will be higher.