Baosteel to hike key August steel prices by 9-13%

China's Baosteel will raise prices of its major steel products by 9 to 13 percent next month, more than expected, the biggest one-off increase since Baosteel moved from quarterly to monthly prices last May.

Baoshan Iron and Steel Co Ltd, the listed unit of China's largest steel mill, will increase hot and cold-rolled steel products by 9 to 13 percent compared to July, Reuters reported yesterday, citing trade sources.

The move, some analysts said, may suggest the steel mills have effectively given up their battle for lower iron ore prices.