October 07, 2008

China steelmakers to raise prices in Q1

Mr Luo Bingsheng vice chairman of the China Iron & Steel Association said Steelmakers in China has recently expressed that steel prices in China are likely to witness a hike the first quarter of 2008 because of higher raw material costs.

He said “Low cost production in China's steel industry has ended. Raw material costs will keep steel prices at higher levels. From January to October, raw material costs gained 12% for Chinese steelmakers largely because of iron ore.”