Baoshan Iron & Steel, China’s biggest listed steelmaker, will reduce steel prices for August viewing at subdued steel demand in the world’s largest producer.
The company will reduce Hot Rolled Coils (HRC) prices by RMB 200/MT (USD 32.22/MT) and Cold Rolled Coils (CRC) by RMB 80/MT (USD 12.90/MT).
Slowdown in economy and property cool down are hitting Chinese steel demand; pressurizing steel mills to reduce prices and production.
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