Chinese steel companies to hike prices

BEIJING, Mar 17 (Commodity Online): China steel companies are looking forward to increase their prices after the Tsunami hit Japan could witness a significant decline in steel production in the coming months. Chinese companies are aiming to utilise this phase as there would be an increase in demand. The supply squeeze in steel products from Japan have created great room for the neighboring countries such as China, Korea, Taiwan, and CIS countries to increase their production and prices as to take advantage of this. It is reported that Baosteel, the China largest high end steel product producers has anticipated a rising demand from the neighboring market and has raised the prices for April deliveries.