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Baosteel lowers steel prices for Aug

Jul. 13, 2012 (China Knowledge) - Baoshan Iron and Steel<600019>, a leading steel producer in China also known as Baosteel, said yesterday that it will cut August prices of its main products by RMB 100 to RMB 500 per metric ton, after its first reduction in 2012 this month, due to weak demand.

The steel maker said that it will reduce the price of hot-rolled coils by RMB 200 per metric ton and the price of cold-rolled coils by RMB 260 per metric ton.

In addition to this, the company will slash the price of non-oriented silicon steel by RMB 200 to RMB 500 per metric ton.

Baosteel, traditional pricing leader for the domestic market, has already cut July prices for its main products by between RMB 100 and RMB 200 per metric ton.

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