Jaway Stainless Steel

China steel mills raise September product prices

Reuters reported that more of China leading steel mills have decided to raise prices of their main products for September bookings aiming to catch up with a pick up in spot market prices and in anticipation of stronger demand next month.

Two leading mills, Wuhan Iron & Steel Co Ltd and Beijing Shougang Co Ltd will raise September prices for their main flat steel products in the wake of a similar move by Baoshan Iron & Steel Co Ltd last Friday to take advantage of growing demand.

Mr Bill Chen a senior trader with Hong Kong based Smart Timing Steel Ltd said "Price rises by steel mills reflect climbing prices in the spot market since the end of July as steel mills received strong bookings in August. Steel prices are expected to increase next month as traders and end users need to build up stocks as demand improves."