Baosteel raised its steel price in March sharply ahead of schedule
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Baosteel Speeds Up Price Adjustments
The recent price increase on January 7 led to an early adjustment in February, just ten days later, showing a faster pace than usual. In the past, Baosteel typically released next-month pricing information around the middle of the current month. However, since December last year, the company has gradually increased prices, starting with small increments of 50 to 100 yuan per ton, followed by more substantial increases of over 200 yuan per ton.
Hu Yanping, an analyst at Union Steel, explained that the early price adjustment was partly to avoid the impact of the Spring Festival holiday and to secure contracts ahead of time. Additionally, Baosteel’s February orders were strong, even leading to overbooking, as the traditional peak season for steel demand typically occurs 3 to 4 months after the holiday. This strong demand from downstream industries has given Baosteel confidence to push prices higher.
According to Wang Jinhua, an analyst at MySteel Network, the market had already seen a sharp rise in prices before Baosteel's announcement, so the steel giant’s adjustment appeared relatively cautious.
Risks for Steel Traders Rise
As a market leader, Baosteel’s price increase has been interpreted as a sign of optimism, boosting overall market confidence. However, many traders were on vacation during the pre-holiday period, so the immediate impact on spot prices may be limited.
Xu Yongbo, an analyst at Treasure Island, noted that Baosteel’s products are mainly used in automobiles, appliances, and machinery, where end users are more willing to accept price hikes. However, the "follow-up effect" from industry leaders like Baosteel has created discomfort among some steel traders.
“After Baosteel’s February price hike, companies such as WISCO and Anshan Iron & Steel also raised their prices. With weak market turnover, if steel prices do not continue to rise after the Spring Festival, and demand does not pick up, traders may be forced to sell at a loss,†Xu said. “This rapid price increase from major steel producers could lead to accumulated risks and squeezed profits for traders.â€
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