Due to the increase in raw material costs and market optimism, Baosteel of China raised its prices for January 2026
China's Baosteel raised its iron ore price for January 2026, ending three consecutive months of flat prices. Market sources said that China's steel demand remains weak, but spot prices have risen for four consecutive weeks. The costs of both coal and iron ore have increased, pushing up raw material costs and prompting price adjustments. Baosteel usually announces prices on the 10th, but on the 9th, it released the prices for January in advance, raising the prices of its main products such as hot-rolled and cold-rolled coil and wire rods by 100 yuan per ton.
Despite the cold weather causing construction activities to suspend, the five major steel products have strengthened for four consecutive weeks. In addition, positive macroeconomic factors, including expectations of interest rate cuts in the United States, speculation of a ceasefire in Ukraine, and China's loose monetary stance, have also supported price increases. Steel prices in the United States and Europe remained stable last month, while those in Asia and China have begun to rebound. The market currently expects other steel mills to take similar pricing actions, and the possibility of a recovery in the steel market next year may increase.
Despite the cold weather causing construction activities to suspend, the five major steel products have strengthened for four consecutive weeks. In addition, positive macroeconomic factors, including expectations of interest rate cuts in the United States, speculation of a ceasefire in Ukraine, and China's loose monetary stance, have also supported price increases. Steel prices in the United States and Europe remained stable last month, while those in Asia and China have begun to rebound. The market currently expects other steel mills to take similar pricing actions, and the possibility of a recovery in the steel market next year may increase.
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