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Baosteel August Steel Price at Mediocre Level, Steel Stocks Falter in Afternoon Session

2011-07-13

The China steel giant Baosteel announced August steel price, showing the hot-rolled steel price kept unchanged and the price of cold-rolled steel even marked up. According to the industry analysis, the situation was due to Baosteel’s need to raise price in order to adapt to the gradually rise in raw materials cost. However, the upcoming afternoon sessions of China steel stocks are not optimistic, and the recovery of construction and automobile industry is not clear.