Reportedly, China’s Shagang announced to raise the domestic steel prices for the first half of February. The company has decided to increase RMB50/ton for steel wire, wire rod, rebar, round bar and big coils. Moreover, the prices of hot rolled coil and heavy thickness steel plate have also hike by RMB350/ton and RMB300/ton respectively. The above prices will become effective since February 1st, 2011