China steel futures up sharply ahead of holiday lull, mills set March hikes
Feb 12, 2010 | 12:07 PM
Chinese steel futures rebounded strongly ahead of the week-long shutdown for the Chinese New Year holiday as the U.S. dollar softened and major mills such as Baosteel Group Corp. Ltd. and Anshan Iron & Steel Co. Ltd. raised ex-works prices for March.
"Major market players have settled short positions and started to build long ones as they are betting on a bullish market after the Chinese New Year holiday," a Shanghai analyst said, noting that the hike by major steelmakers has brought confidence.
After holding the line on February prices, Baosteel said it will raise March ex-works prices for major products by 200 to 300 yuan ($29.25 to $43.75) per tonne, putting commodity-grade hot-rolled coil at 4,342 yuan ($635) per tonne and cold-rolled coil at 5,826 yuan ($852) per tonne.....
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