Baosteel, a major steel mill in China, announced its new price for June yesterday (May 10).

According to understanding, global steel prices have risen sharply and the iron ore price also kept hiking to a new high. In addition, China canceled the export tax rebate on May 1. Affected by the above factors, Baosteel decided to cancel the discount for its hot-rolled coil (HRC) for May.

The company increased its prices of HRC by RMB 300/ton, plate by RMB 400/ton, cold-rolled coils (CRC) by RMB 650/ton, hot-dip galvanized by RMB 350/ton, and electro-galvanized by RMB 100~350/ton.

Stimulated by this, Taiwan's China Steel Corp. (CSC) and Vietnam's Formosa Ha Tinh Steel Corporation were expected to follow to increase prices this week.