Shanghai -- China's Baosteel will raise prices of its major steel products by 9 to 13 percent next month, more than expected, a move that may suggest mills have effectively given up their battle for lower iron ore prices.
Baoshan Iron and Steel Co Ltd, the listed unit of China's largest steel mill, will increase hot- and cold-rolled steel products by 9 to 13 percent compared to July, trade sources said on Monday, double expectations and the biggest one-off increase since Baosteel moved from quarterly to monthly prices last May.
For those following every twist and turn in this year's marathon negotiations over annual iron ore prices, the main input cost for mills, the latest deal appeared to be an effort to pass along higher-than-expected costs to its customers.
