Baosteel raised its steel price in March sharply ahead of schedule
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Baosteel Speeds Up Price Adjustments
The price hike announced on January 7 led to an early ex-factory price revision in February, just ten days later, signaling a faster pace of adjustment. Previously, Baosteel typically released next-month pricing updates in the first half of the month. However, since December last year, the company has implemented a series of price increases, with the first two being relatively modest—between 50 to 100 yuan per ton—but the most recent adjustments were much steeper.
Hu Yanping, an analyst from Union Steel, noted that Baosteel’s early price adjustment was partly aimed at avoiding the impact of the Spring Festival holiday and securing contracts ahead of time. Additionally, the company reported strong orders in February, even experiencing overbooking. With the traditional peak season for steel demand expected to last three to four months after the holiday, Baosteel had a solid foundation to push for higher prices.
According to Wang Jinhua, an analyst from MySteel Network, the market had already seen a sharp rise in prices before Baosteel’s latest announcement, making the company’s adjustment appear somewhat cautious in comparison.
Risks for Steel Traders Rise
As a key market indicator, Baosteel’s price increase is viewed as a sign of confidence in the steel industry, helping to boost overall market sentiment.
Wang Jinhua pointed out that many traders were on vacation before the Spring Festival, so the latest price adjustment may have limited influence on spot market prices.
Xu Yongbo, an analyst from Treasure Island, told reporters that Baosteel’s products are mainly used in sectors such as automobiles, home appliances, and machinery, where downstream customers have shown strong acceptance of price hikes. However, the “follow-through effect†from industry leaders like Baosteel can create discomfort among some steel traders.
“After Baosteel’s February price increase, companies like WISCO and Anshan Iron & Steel also raised their prices. Given that market turnover remains sluggish, if steel prices don’t rise after the Spring Festival and demand doesn’t pick up, traders may be forced to sell at a loss,†Xu said. “The sharp price increases from major steel producers could lead to accumulated risks for traders and squeeze their profit margins.â€
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