China’s domestic steel prices are likely to see another round of inclines, mainly underpinned by the fundamentals and better-than-expected macro-economic environment, though market cautiousness may trigger possible modest downward corrections, Wang Jianhua, Mysteel’s chief analyst, shared in his monthly market outlook.
Baoshan Iron & Steel Co, the listed arm of China’s top steel producer China Baowu Steel Group, stated in a May 12 release that when adjusting its list prices, it needs to consider the business circumstances of its consumers while being mindful of the higher production costs it is incurring. The statement, issued two days after it added significantly to its prices for June domestic sales, seems to be the steel giant’s response to end-user dissatisfaction over mounting prices.
Chinese Premier Li Keqiang highlighted the importance of bulk commodities price stability again when chairing the State Council's executive meeting on May 19, calling for a close monitoring of the adverse impact brought by the surging bulk commodities prices
