Baoshan Iron & Steel Co (Baosteel), the nation’s largest steel mill, significantly raised its February manufacturer prices, the China Daily reported Thursday.

Major steel wire product prices went up 300 yuan (44 U.S. dollars) per
ton on average. Revised prices on major steel sheets, announced this
week, are expected to increase 200 to 300 yuan per ton, said the
newspaper.

Manufacturer prices of Baosteel products range from 3,000 yuan to 6,000 yuan per ton.

The price surge on raw materials, such as iron ore and coal, led to the
latest price adjustment, the newspaper quoted Hu Kai, an analyst at
Umetal.com as saying.

The price of iron ore hit a 16-month high of 135 U.S. dollars per ton,
soaring nearly 120 percent from April 2009’s low, the newspaper quoted
Hu as saying.

This month, manufacturer prices of Baosteel’s products increased 300
yuan to 500 yuan per ton month over month, which was the first rise
since September. A price increase by the Shanghai-based steel giant
triggered sweeping price hikes among domestic smelters, according to
the newspaper.

Source: Xinhua

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