Chinese Baosteel maintains prices for March

Baosteel, one of the leading steel producers in China, has announced a price hold for March.

Baosteel raised its hot rolled coil price by 200 yuan per ton in January and 30 yuan per ton in February.

Baosteel, hit by the coronavirus in Wuhan, decided to keep the price down and stabilize the market price for March. If there were no virus problems, Baosteel was willing to raise the price initially.

Baosteel's new pricing was very reasonable and took time to watch the virus evolve. The current delivery has been very unstable due to the weak activity of the transport block. If the virus can be controlled in March, steel prices still have a chance to rise.