Editorial Summary

Shanghai Baosteel Group Corporation's subsidiary Baoshan Iron & Steel Co., Ltd. (600019.SH) raised its product prices by RMB500-700 per ton on Monday due to recent price increases for iron ore, reports The Beijing News. The company's average raw material cost is expected to be up by RMB258 per ton, said the report citing data from research company Chemease. Shares of Baoshan Iron & Steel fell 2.66 percent to close at RMB17.2 on the Shanghai Stock Exchange on Tuesday.

State-owned Sinosteel Corporation plans to set up a holding company in March and debut on the Yuan-denominated A-share market in June or July, reports Shenzhen Economic Daily quoting an unnamed Sinosteel executive. Sinosteel Corporation plans to list 95 percent of its total assets to raise RMB10-20 billion, said the report. JP Morgan Chase, UBS and BOC International will be the lead underwriters for the listing. The company has applied for an exemption from the regulation that only companies that can show profits for the last three years are allowed to list publicly, according to the report. Sinosteel Corporation will consider a Hong Kong listing after the A-shares listing.