Shanghai Daily reported that Baoshan Iron and Steel Co has kept January prices for most products unchanged, but made some more costly.

According to its pricing policy announced Baosteel said it would keep hot rolled coil prices unchanged but raise cold rolled coil by CNY 100 per tonne and electro galvanized steel prices by CNY 100 per tonne to CNY 200 per tonne from December's level.

This came after Baosteel cut prices for main products by CNY 200 per tonne to CNY 300 per tonne in December from November.

Analysts said Baosteel's action indicated that the market may improve gradually from the beginning of next year although demand from the home appliance and auto industries is seen to remain weak.

Custeel analyst Mr Hu Yanping said as demand from industries like home appliances and autos remained weak, it was difficult for steel makers, which are under cost pressure, to raise prices by large margins.

(Sourced from shanghaidaily.com)