Leading Chinese steelmaker Baosteel will raise prices of its major hot-rolled steel products by 260 yuan ($39.07) per tonne in January, the company announced on Monday.
In a statement released on its official website (www.bsteel.com.cn), Baosteel said cold-rolled steel prices would also be increased by 200 yuan per tonne for January delivery.
Hot-rolled steel prices now stand at 4,402 yuan per tonne, while cold-rolled prices are at 5,536 yuan per tonne.
Baosteel''s pricing decisions usually set the tone for the industry as a whole, and other major mills are likely to follow suit with their own price increases for next month.
The company kept its prices for December bookings unchanged after predicting that spot prices were likely to stagnate in the fourth quarter of the year.