Wednesday, May 11,
Baoshan Iron & Steel, China’s largest listed steelmaker will keep its main steel product prices unchanged for June.*, the company said on Tuesday, as part of its efforts to offset surging raw materials cost.
The company, usually referred to as Baosteel, did not surprise analysts and traders by keeping prices steady for June as steel prices are unlikely to fall largely in the second quarter when demand traditionally picks up.
Baosteel, the traditional pricing leader for the Chinese market, cut prices of its main products for May, after buyers trimmed orders in recent months in the face of high inventories and weak demand.
Beijing has resolved to dampen stubbornly high inflation and taken a series of tightening measures since this year, hitting steel demand from downstream sectors.
Source: Reuters
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