Baosteel will keep the December prices of most of its steel products unchanged from November, but will eliminate some discounts offered in November, according to the company’s new price policy published on Wednesday.

Prices for most hot-rolled coils will remain at November levels of
around 3,542-3,942 yuan per ton, but there won’t be the 100 yuan per
ton discount, said traders who received the latest price policies from
Baosteel.

China’s steel prices have been increasing for three weeks
consecutively, with a shrinking rising margin. According to the latest
statistics from China National Bureau of Statistics, the country’s
crude steel output reached 51.75 million tons in October, up 42.4
percent on year, with a daily average of 1.6694 million tons, still
standing at a high level.

Analysts expect the steel prices won’t rise much in the near future.
Thus, Baosteel’s new steel policies are in line with the market
expectation.

Baosteel is the listed arm of China’s top steel maker Baosteel Group headquartered in Shanghai.

Source: Chinamining

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