Chinese Steel Companies Begin To Raise Prices After Iron Ore Hike

Asia Pulse

A higher than expected rise in iron ore prices is set to spark an all-round reshuffling of the Chinese iron and steel industry. Shanghai-based BAOSTEEL, on behalf of Chinese steelmakers, late last month agreed with HAMERSLEY of Australia and COMPANHIA VALE DO RIO DOCE of Brazil to raise ore prices by 71.5 per cent.

Anticipating a sharp increase in production costs, large Chinese steel firms have begun to increase the ex-factory prices of products.

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