Baosteel Holds Steel Prices Steady for October
Baosteel, a subsidiary of China Baowu Steel Group, will keep domestic steel prices unchanged in October. The decision covers hot-rolled coils, cold-rolled coils, steel plates, and wire rods. It ends two months of consecutive price increases.
Raw material costs remain high. Yet export demand is weak, and local demand slowed in September. Baosteel’s decision to hold prices is in line with market expectations.
Market focus now shifts to Taiwan’s China Steel Corporation (CSC). The company will announce October prices on September 18. Analysts expect CSC to raise hot-rolled coil prices by RMB 100 per ton due to high input costs.
Baosteel’s move shows a balance between rising costs and weak demand. It also reflects the cautious stance many Asian steelmakers are taking in today’s uncertain market.
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