Baosteel, a subsidiary of China Baowu Steel Group, China's largest steelmaker, announced that it will raise hot rolled coil prices by 100 yuan/t ($13.8/t). The increase reflects rising demand and the need to replenish stocks, the company said. In addition, steel production is expected to fall next month due to maintenance shutdowns at steel plants.
This may support steel prices by affecting the supply and demand balance. Baosteel will also raise cold-rolled coil prices by 100 yuan/t in December. The company also announced increases in other list prices. In early November, hot rolled coil prices in China were at a one and a half month high of 3,974 yuan/t ($548.4).
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