Baoshan Iron & Steel Co (Baosteel), the listed arm of China Baowu Steel Group, the world's largest steelmaker, decided to keep its carbon steel hot rolled coil (HRC) prices unchanged for December. The company had raised its prices by 500 Yuan/ton (USD 69,3/ton) in November. According to information received by SteelRadar, Baosteel was under pressure to secure orders for december and therefore decided to keep prices unchanged.
Analysts suggested that another reason for Baosteel to keep prices unchanged was market expectations that demand for cold-rolled coil and PPGI for use in manufactured goods would strengthen by year-end. China's automobile and home appliance makers usually increase their consumer marketing activities in December.
Around the same time, another major Chinese steelmaker Ansteel also decided to keep its HRC prices unchanged for December. However, both Baosteel and Ansteel do not disclose their actual list prices in their pricing policies.On the other hand, Shagang Group, China's largest privately owned steel producer, kept its prices unchanged for November and announced HRC prices at 3,800 Yuan/t (USD 0,53).
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