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Baosteel slashes steel product prices

(chinadaily.com.cn)
Updated: 2009-09-08 12:55

Baosteel Group Corp, China's biggest steel maker, cut some of its steel products’ prices in October due to market pressure—the first time in three months the company has done so—the International Finance News reported today.

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According to the price cut policies released Monday, Baosteel decreased the price of low-carbon steel by 200 yuan ($29.28) a ton and the price of carbon by 300 yuan a ton. Other major steel products have also seen price cuts.

The price adjustment of Baosteel was roughly in line with market expectations. According to industry consultancy center Mysteel, China’s steel prices fell for four weeks in row, but the speed was slowing down.

Prices of some of Baosteel’s products are still higher than the market price, indicating that Baosteel is optimistic about market steel prices in the future, the newspaper said.

But buyers feel steel prices are still too high to purchase from Baosteel. In order to keep cooperation with the steel mill giant, they have to keep ordering products from Baosteel but reduce the demand, said Hu Yanping, an analyst with umetal.com.

Some industry insiders said Baosteel raised prices of its major steel products several times in the past few months, neglecting buyers cost pressure.

Although the economy seemed to be bottoming up, as the external environment was still weak, demand for steel will hardly have a big increase, Hu said.