Friday, 10 Jun 2011
Reuters reported that leading Chinese steelmaker Baoshan Iron and Steel will cut prices for July delivery of its major products by CNY 100 per tonne to CNY 200 per tonne.
It said in an announcement on its website (www.bsteel.com.cn) that prices of hot rolled products would be cut by CNY 200 compared with June, while cold rolled steel prices would fall by CNY 100.
The company's pricing moves usually set the tone for the industry as a whole, and other mills are likely to follow suit as domestic steel demand begins a seasonal decline in the second quarter.
(Sourced from Reuters)
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