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Economy

China steelmakers likely to raise prices in Sept

(Agencies)
Updated: 2010-08-09 14:58
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Big Chinese steelmakers are likely to raise their product prices in September after a rebound in the steel market over the last several weeks, the China Securities Journal said on Monday.

Related readings:
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China steelmakers likely to raise prices in Sept Steel firms may face losses in H2
China steelmakers likely to raise prices in Sept Domestic iron ore, steel trends hit markets
China steelmakers likely to raise prices in Sept 
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The newspaper cited traders and analysts as saying that a pickup in market steel prices that began in mid-July had prompted traders and end users to step up their orders.

Major companies, such as leading mill Baosteel, were likely to start a new round of price increases due to the secondary market price rebound and rising raw material costs, it cited the traders and analysts as saying.

Baosteel said in mid-July that it would leave most hot-rolled and cold-rolled product prices unchanged for August delivery, although traders and analysts had widely expected it to cut prices by 200 to 300 yuan ($29,53 to $44.29).

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