Baosteel opts for markups in weak market

Supported by sufficient demand from downstream industries, the nation's leading steelmaker Baoshan Iron and Steel Co Ltd (Baosteel) has raised the ex-factory prices for its February mainstay products by between 50 yuan ($8.27) to 150 yuan per ton.

This is the second month in a row the Shanghai-based steel mill has lifted prices. Before the two-month streak of gains, Baosteel had kept the prices of major products unchanged for three consecutive months.

Analysts said Baosteel adjusted up its prices as a result of sufficient new orders from downstream industries, such as car-sheet demand from the auto industry.