Bao Steel to Raise Steel Sheet Price by 100 Yuan in February

Bao Steel, Chinese major steel maker, announced on Tuesday the firm increases the steel sheet selling price by 100 yuan (1,250 yen) per tonne in February. The firm raises the price for 2 months in a row by total 360 yuan for hot rolled coil and by 300 yuan for pickled and cold rolled coil. The hike reflects iron ore price upsurge for January-March contracts. Bao Steel is likely to keep strong sales stance in and after March since raw material price is expected to rise more. Recently coal supply has suspended from Australia due to heavy rain.

Bao Steel raised the selling price by 100 yuan for hot dipped galvanized sheet, aluminum-zinc coated sheet and plate for February. As for magnetic sheet, the selling price increased by 100 yuan for non-directed sheet and by 300 yuan for directed sheet. Stainless sheet price increased by 100 yuan, accumulatively up by 400 yuan for 4 months. Electric galvanized sheet price didn’t change for 4 consecutive months.

Steel sheet market price has surged for hot and cold rolled coil in Beijing and Shanghai since early December 2010 due to rising raw material costs though market price of long products is weak in non-demand season of winter. Sheet market price maintains to be strong when manufacturing industry keeps active operation mainly for automobile. Other steel makers may raise the selling price following Bao Steel.