Baoshan Iron & Steel also know as Bao Steel, China's biggest listed steelmaker, will cut its July prices for the second consecutive month looking at slower demand growth, the company said on Saturday.
Pricing move by the firm, known as Baosteel, usually set the momentum for the steel sector in the country and underscores concern over little recovery in steel demand in the world's top producer and consumer.
Baosteel will cut July prices of hot-rolled coil mainly for manufacturing by 200 yuan ($32.61) a tonne and cold-rolled coil, principally for autos and domestic appliances, by 200 yuan a tonne, the company said in a statement. ($1 = 6.1335 Chinese yuan).
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