In September 2013, Baosteel Co., Ltd. announced a revision to its domestic sales prices for carbon steel plates, marking a shift from the previous flat pricing trend. This move came after Wuhan Iron and Steel Co., Ltd., another major player in the industry, also raised its ex-factory prices for steel in the same month. The adjustment by Baosteel was particularly notable, as it marked a significant departure from the stable pricing that had been in place during the previous months.
According to the company's updated pricing policy, most hot-rolled products saw an increase of 250 yuan per ton, while other products experienced a rise of 150 yuan per ton. Pickling products were adjusted by 120 yuan per ton. In the case of Pu-Leng products, grades CQ and DQ, along with non-automotive steel varieties, saw a price hike of 120 yuan per ton, while other product lines remained unchanged.
This price increase comes on the heels of earlier adjustments made by other steel giants, such as Wuhan Iron and Steel and Anshan Iron and Steel, which had already begun raising their ex-factory prices in August. The continued upward trend in September suggests a strengthening market demand, especially in sectors like automotive and home appliances.
Analysts noted that the market conditions have improved, with steel prices rising sharply since July. The spot price has surpassed 3,800 yuan per ton, and the recent increases are seen as a positive sign for the sector. Moreover, since the end of June, steel prices have rebounded by 300 yuan per ton, defying initial skepticism about the sustainability of the trend.
The analysts also pointed out that the drop in daily crude steel output over three consecutive months, combined with steady policy support since late June, contributed to stronger-than-expected demand in July and August. As supply decreased and demand increased, the balance between supply and demand in the domestic market began to improve. Additionally, the sharp rise in iron ore prices—Platts Index moving from $110 to $140 per ton—has further pushed up production costs, reinforcing the need for price adjustments in the steel sector.
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