China’s Baosteel raised its prices for January 2026, ending three consecutive months of flat pricing. Market sources said steel demand in China remains weak, but spot prices have risen for four straight weeks, and both coal and iron ore costs have increased, lifting raw material expenses and prompting the price adjustment. Baosteel, which typically announces prices on the 10th, released its January prices early on the 9th, increasing major products, hot-rolled and cold-rolled coils, plates, and wire rods, by CNY100/ton.

Despite cold weather halting construction activity, the five major steel product categories have strengthened for four consecutive weeks. Besides, positive macroeconomic factors, including expectations of a US rate cut, speculation of a ceasefire in Ukraine, and China’s loose monetary stance, also supported the price increase. Steel prices in the US and Europe were steady last month, while Asian and Chinese prices have begun to rebound. Markets now expect similar price actions from other steel mills, and the chances of a steel market recovery next year may improve.