Chinese steelmakers raise prices

China's major steelmakers are increasing steel prices by 20-350 yuan per ton as the steel market gets out of the recent economic downturn.

Angang Steel will raise the price of hot rolling steel by 350 yuan per ton in January, Shougang Group will raise their prices by 300 yuan per ton, while Maanshan will increase prices by 50-200 yuan per ton in late December, according to industry website Umetal.com.

China's largest steelmaker Baosteel is also expected to raise product prices by February.