It is learned that Chinese biggest steelmaker Baosteel will increase its steel price for January 2013 because the company thinks there are recovery on steel demand and stable local economy.
The company will raise US$12.8/ton for hot rolled coils (HRC) and US$9.6/ton for cold rolled coils (CRC), according to local media.
Analyst said the construction sector in China is still weak due to international economy crisis and Chinese government’s credit control over this sector.
However, there is sign of recovery over the manufacturing and home appliances sectors.
Besides, automobile sales in China this November increased 8.2% year on year which is good news for Baosteel because it has nearly 50% market share in this sector.
Chinese Statistics Office also announced the steel output in the country this November was 57.47 million tons, a growth of 14% compare the same month last year.
