Reuters reported that China's Baoshan Iron and Steel Co Ltd is expected to raise September prices for its major hot rolled and cold rolled steel products by about 5% to 6% versus its August tags.
Baosteel, the listed unit of China's largest steelmaker, is expected to raise prices by CNY 200 per tonne to CNY 300 per tonne, as Chinese steel makers are hiking prices to bolster profits and to shift rising production costs to downstream users.
Wuhan Iron and Steel Co another large steel producer is also expected to match the price hike, increasing major product prices by CNY 200 per tonne to CNY 400 per tonne.