Steel firms raise prices following Premier's pledge

Chinese steelmakers, including Hebei Iron & Steel Group and Jiangsu Shagang Group Co, joined their Japanese peers in raising prices after Premier Li Keqiang signaled China may support economic growth.

Shagang, the nation's biggest non-State-owned mill, raised steel wire prices on July 21 by as much as 100 yuan ($16) a metric ton, according to its website. It was the company's second increase this month.

Hebei Steel, China's biggest producer, raised some steel sheet prices on Monday by as much as 100 yuan for August delivery after cutting them a month earlier, according to industry researchers Custeel.com and Mysteel.com.