Baosteel announced an increase of 500 yuan (USD 71) per ton in domestic hot-rolled coil (HRC) prices for November. In addition to the HRC price increase, the company has also increased prices for cold rolled coil (CRC) and hot-dip galvanized sheet by 550 yuan (USD 78) per ton. The move is expected to prompt other Chinese steelmakers to raise their prices in November.
Baosteel has plans to boost its steel exports to 10 million tons per year by 2028. The company reached record exports of 3.04 million tons in the first half of 2024.
Baosteel also aims to sell 52.2 million tons of steel in 2024. In the January-June period, sales volume reached 25.51 million tons, down slightly by 0.19% y-o-y. In the second quarter of 2024, the company sold 12.99 million tons, a decrease of 3.41% compared to the previous year.
Baosteel stated that steel demand remained weak throughout the third quarter, but could see a modest recovery in the fourth quarter due to the expected recovery in construction activities.
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