China's Baosteel to raise Aug product prices

Tag : rolled coils

Baosteel will increase prices of hot-rolled coils by 300 yuan perton, while cold-rolled coil prices will go up by 200 yuan, thewebsite said, citing traders.

Prices of steel wire will rise by 400 yuan per ton.

The adjustment is probably based on July prices although Baosteelhas not issued any formal notice, it said.

The hike is due to increased difference between international anddomestic prices of steel products and higher production costs, itsaid.

Baosteel has not made a general increase in steel product pricesfor the third quarter, a company official told XFN-Asia earlier.

For the second quarter, Baosteel raised the price of hot-rolledsteel coil by 800 yuan to 4,842 yuan per ton, while cold-rolledcoil prices were increased by 800 yuan to 5,596 yuan per ton.

(1 usd = 6.95 yuan)