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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: China's Baosteel to raise prices for first time since August: report AFP - Friday, December 26 SHANGHAI (AFP) - - China's leading steel maker Baosteel will raise prices of major products in February, the first hike since August amid confidence that demand is growing, state media reported Thursday. Baosteel will increase the price of cold-rolled steel by 300 yuan (44 dollars) per tonne, the official China Securities Journal said, citing industry sources. It did not provide the current price of cold-rolled steel, but data from Lange Steel Consulting firm showed it will mark a rise of seven percent from January's average of 4,271 yuan per tonne for one-millimetre-thick cold-rolled steel. Baosteel has cut prices for major steel products four times since August due to weakening demand, the report said. "The sudden reversal reflects that market confidence has steadily improved and panic selling has gradually disappeared," Xu Xiangchun, a Beijing-based analyst with Mysteel Research, told the journal. "In line with Baosteel's move, other large steel mills like Anshan Steel will also consider raising product prices," Xu said. The report added, however, that other analysts argued the price rise did not necessarily signal a general recovery as global demand remained fragile amid spreading economic woes. China's steel industry recorded a combined loss in October, the first time in six years it has slipped into the red, according to earlier media reports. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: China's Economy CNOOC may slow or delay projects on oil slump-sourceReuters - 1 hour 1 minute ago Chinese stocks fall to seven-week lowAP - 1 hour 18 minutes ago Chinese dairy in milk scandal faces $160M debtAP - 1 hour 31 minutes ago China's Baosteel to raise prices for first time since August: reportAFP - Friday, December 26 Related Articles: Business China buys aluminium to support producers-sourcesReuters - 22 minutes ago JFE steps up output cuts as demand dropsReuters - 35 minutes ago CNOOC may slow or delay projects on oil slump-sourceReuters - 1 hour 1 minute ago Indonesia Bakrie says settles debt in Bumi dealReuters - 1 hour 5 minutes ago Chinese stocks fall to seven-week lowAP - 1 hour 18 minutes ago Enlarge Photo China's Baosteel to raise prices for first time since August: report Related Photos Slideshow Full Photo Coverage: Business & Economy Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed US sees no holiday cheer; Russia, China warn of grim 2009 French investor takes life after massive losses in Madoff scandal Housing market feels more pain, bottom not yet in sight Quake zone hero pig named China's animal of the year Actress Jennifer Aniston appears naked in GQ magazine View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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