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China’s major steelmakers hike prices amid soaring raw material costs, steel futures hit record highs

Chinese steelmaker raised prices amid soaring raw material costs, fuelling concerns over inflation risks in the world’s second largest economy and increased pressure on smaller industrial businesses.

Commodity prices have been climbing in China, with the price of iron ore, one of the major ingredients used in steel production, hitting a record high of $200 per tonne last week, prompting major mills to hike prices on Monday, according to Mysteel consultancy.

For instance, Baosteel . . .

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