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

Summary:
[unable to retrieve full-text content]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.Commodity prices are above pre-pandemic levels in China, with the cost of iron ore, one of the main ingredients used to make steel, hitting a record high of US0 per tonne last week.That prompted nearly 100 steelmakers, including leading…

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[unable to retrieve full-text content]
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.Commodity prices are above pre-pandemic levels in China, with the cost of iron ore, one of the main ingredients used to make steel, hitting a record high of US$200 per tonne last week.That prompted nearly 100 steelmakers, including leading…

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