The Chinese steel giant Baosteel announced to hike its list prices for its major products including hot rolled, cold rolled, pickled, hot dipped galvanized steel products by CNY 80 to CNY 120 per tonne for December 2012.

Dealers said that Baosteel's price hike aims to reflect the firm's positive forecast for the steel market.

Also, it's expected that Baosteel's price rise will help to support the Chinese steel flats market to rise in the near future.