China's biggest listed steelmaker, Baoshan Iron & Steel,
will cut August prices of its main products by 4.6 percent to 5.6 percent,
after its first reduction in 2012 this month, suggesting the company lacks
confidence in the market near-term.
China's steel industry is expected to see low demand in July
and August until a seasonal pickup in September, and expectations of more
efforts by Beijing to boost the economy are unlikely to provide an immediate
boost to steel prices, analysts say.
Baosteel will slash HRC (hot-rolled coil) prices by 200 yuan
($31) per tonne and CRC (cold-rolled coil) prices by 260 yuan ($41) per tonne
for August bookings.
Leave a Reply