Baosteel raises October prices on higher costs and demand

摘要

Baosteel raised its flat product prices for October shipment on September13,on higher production costs and increased demand from the automotive sector. The mill is raising its hot rolled prices by 60 yuan ($9), its cold rolled coil prices by 50-130yuan and its hot-dipped galvanized coil prices by 50-200yuan. "The price rise is in line with higher production costs, which have squeezed our profit margin by a large amount," a Baosteel sales directorsaid. Baoshan Iron & Steel, Baosteel's listed arm, reported a net fall in profitsof36.9%year-on-year in the first half, due to costlier raw materials.