Baosteel raises flat steel prices for March sales

Chinese steelmaker Baosteel is raising its flat steel prices for March domestic sales after three months of stability. This was reported by Kallanish.

Most offers will increase by 100 yuan per tonne ($14 per tonne), including hot-rolled and cold-rolled coils, plates and galvanized steel, etc.

The company raised its offer amid volatility in hot-rolled coil prices on the Shanghai Futures Exchange after the Lunar New Year holidays.

At the same time, the price of polymer-coated steel increased by 50 yuan per ton. For the previous two months in a row, Baosteel has raised its quotations for these products by 100 yuan per tonne, while most other prices remained unchanged.

Baosteel produced 36.68 million tons of iron and 39.61 million tons of steel in 9M2017. The company’s export shipments amounted to 4.66 million tons in January-September. The company’s net profit in January-September fell by 29.5% y/y.

As GMK Center previously reported, last fall Baosteel announced its intention to increase steel exports to 10 million tons per year by 2028. In the first half of 2024, this figure reached a record high of 3.04 million tons, and in 2023, it increased by 46.6% year-on-year – to a record high of about 5.84 million tons. The company considers its advantages in the global market to be a wide range of products and a well-established international marketing network.