Search Middle East and International Steel, Construction News: "China's third- largest steel mill Wuhan Iron and Steel Group announced on Wednesday a price increase on key steel products by 500 yuan ($73) per ton for May on the back of rising raw materials costs.
China's other major steel mills including Baosteel and Anshan Iron and Steel Group are also set to raise steel prices to transfer costs after iron-ore prices nearly doubled last year amid a shift to a quarterly pricing system.
Wuhan Steel raised its hot- rolled steel price to a record high this year of 4,700 yuan per ton.
Prices for hot-rolled steel coil, tinplate, electrical steel, pre-painted steel and wire rod will surge by 500 yuan per ton, while prices for cold-rolled plates will go up by 100 yuan.
'Steel producers had no choice but to transfer the higher production costs to consumers to defend a decline in margins,' said Xu Xiangchun, an analyst with industry watcher Mysteel.com."
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