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PrintSteel Market Intelligence in a research note citing unnamed press reported that China's top steelmaker Baosteel has raised benchmark flat rolled steel prices for February delivery by 5%.
The research note said that "With January rises now sticking well, we expect to see further price increases announced in China as well as Europe and the United States.”
It added that "Chinese steel demand is profound, and rising raw material costs are driving an inflationary spiral in the region as steelmakers and their customers clamour for material."
A February price rise of 5% suggests cold rolled coil prices could rise to about CNY 5800 per tonne, the highest since October 2008 while hot-rolled coil prices could rise to about CNY 4560 the highest since September 2009.
Sourced from Reuters
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