China’s steel prices spike on record raw material costs,raising inflation fears

China’s steel prices spike on record raw material costs, raising inflation fears May 11, 2021

China’s steel prices spike on record raw material costs, raising inflation fears

Nearly 100 Chinese steelmakers adjusted their prices upwards on Monday amid record costs for raw materials like iron ore
Although the effect on overall inflation is not yet clear, the spike in steel prices could threaten a range of downstream industries
The decision by Chinese steel mills to fire up prices amid soaring raw material costs has raised concern about inflation risks in the world’s second largest economy and the impact this may have on smaller manufacturers who cannot pass on higher costs.

All of our products are made of the durable ironandsteel material, which including the kitchen storage wire rack, oven baking rack and frying basket, bathroom caddy storage rack and pull out wire cabinet baskets. The price of the raw material is keep rising, our factory have to adjust the price and keep the market acceptable.

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