| Clips | ||
| Baosteel hikes wire rod price for April - 12 Mar, 2010 | ||
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China leading steelmaker Baosteel has announced to raise wire rod price for Apr production, signaling a trend of recovery of steel market. The steelmaker has pulled up Apr prices for wire rod products by CNY 150 per tonne to CNY 300 per tonne, but it has not released prices for the most-watched sheet/plate. Market rumor is circulating that Baosteel has decided to lift the prices with possible upswings of about CNY 300 per tonne. Official announcement may come soon. As steel market recovery after the holiday receives much concern and Baosteel's price is considered a benchmark in the industry, price hikes, even for wire rod products, which only account for a small part of its total production lines, will boost market confidence significantly. Industry analysts point out the price rise is partly resulted by production costs, but bloomy downstream demand is worth more concern. Baosteel's sheet/plate for automobiles and household appliances still eye undersupply at the moment. Automobile productions and sales surged 92% and 84% respectively to 2.821 million units and 2.8757 units in January to February. A Baosteel official has disclosed that the steelmaker has restricted some silicon steel productions so as to meet demand for automobile sheet/plate. Steelmakers were weighed on by high costs and huge stocks in February but steel price started to post a clear uptrend early this month. Most traders reveal market demand is now reviving slightly as temperature rises and downstream purchasing is also increasing. Prices for wire rod and rebar have commenced to climb, implying a temporary trend of recovery. (Sourced from Shanghai Securities News) | ||
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