China's steel major Baoshan Iron and Steel to keep its steel prices same for October following the cut in prices for three months.
Pricing of Baosteel is a benchmark for the rest of the market and the cut in the prices of Baosteel were matched by most of the other steelmakers.
Baosteel on Tuesday said that it would keep prices for HRC and CRC unchanged for October from that of last month. According to the latest data, daily Chinese steel production stood at 1.872 million tons over the Aug. 21-31 period, down by 3 % compared to the previous 10 days.
Many of the traders hope that the bad time is now over for the steel sector, after the government has announced that it would spend more than $150 billion on a new round of infrastructure projects.
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