Wednesday, February 20, 2008

China steel price hike seen likely after ore deals

China's steel makers will likely be able to use a higher-than-expected rise in iron ore prices as a pretext for hiking their own prices, easing pressure on profit margins in the world's largest steel industry, analysts said.

China's top steel maker, Baoshan Iron and Steel, is expected to raise second-quarter prices of its key products, including hot-rolled steel used in construction and heavy industry, by about 10 percent from the first quarter.

Read the full story at Reuters

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