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PrintBaosteel stated that the company’s January prices reflected the prices gap of different products but iron ore and steel products’ price cycles are apparently different.
Baosteel said that up to now, the iron ore agreement prices are all annual, and the negotiation has lasted for half a year’s time, while China’s mainstream steelmakers including Baosteel their products prices are monthly based.
For iron ore, global market’s whole supply demand situation plays a crucial role in determining its prices and now the global steel enterprises’ profitability do not bolster iron ore price’ increasing next year.
It is unreasonable to link ore negotiation with Baosteel’s price adjustment. For long term, iron ore reserve is adequate and there is no shortage in supply, just the demand will appear periodical characteristics due to global economic condition change. At different period, iron ore prices will go up and down accordingly.
It is known that on December 10, Baosteel announced their products’ prices for next January and most of the products prices were increased by CNY 300 to CNY 600 per tonne. Afterwards, other steelmakers also lifted their prices. Market players questioned that whether Baosteel’s price up would affect the iron ore negotiation.
Sourced from MySteel.net
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