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Baosteel Keeps Feb Prices Level as China Tightens
Jan 15,2010 12:36CST
industry news

BEIJING, Jan. 15 -- China's top steel firm, Baosteel (600019.SS: Quote), has kept prices unchanged for its key products for February sales, defying market expectations that it would raise them.

Steel prices in China have fallen slightly this week as buyers evaluated the impact of tighter monetary policy on demand from the property market, traders and analysts said. [ID:nTOE60D038]

Baoshan Iron and Steel Co Ltd (Baosteel) (600019.SS: Quote) said it will maintain the same prices in February as in January for its hot- and cold-rolled steel coil. It had been expected to raise benchmark flat-rolled steel prices for February delivery by 5 percent. [ID:nTOE60703T]

Baosteel also said it will cut the price for grain-oriented electrical steel by 1,500 yuan ($220) per tonne in February. China in December slapped duties of up to 25 percent on grain-oriented electrical steel imports from Russia and the United States.

Baosteel announced its February prices in a statement on its website (www.bsteel.com.cn).

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