Baosteel continues to increase base rate for Oct
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Update time : 2023-09-14 14:16:48
Baosteel raised its base rate for October mainly due to factors such as rising production costs, stable order volume, and downstream distributors' low inventory.
From the perspective of market demand, the manufacturing industry's replenishment would support prices in October. However, the progress for infrastructure construction has slowed, and investment funds remain difficult to ease.
According to statistics, Baosteel's export volume remained stable from September to October, coupled with the depreciation of the CNY exchange rate, export prices have become more competitive.
Judging from China's manufacturing PMI data in August, finished product stocks of downstream manufacturers are still high, and the cost of raw materials has increased, compressing production profits. Therefore, the market estimated that Baosteel's base rate in November may remain flat.
