2010-07-14 10:31

China's Wuhan Iron and Steel will cut its major hot rolled and cold rolled steel product prices by 300 yuan ($44.28)?in August, the company said on Tuesday.

China's third biggest steel producer said the pre-tax price of its main 3 mm hot rolled products would fall almost 7 percent to 4,020 yuan per ton, while its 1 mm cold rolled plates would be priced at 5,200 yuan, down more than 5 percent.

Earlier, China's second biggest steel producer Baosteel said it would cut the August prices of a number of its major products by 300 yuan per ton. [Baosteel cuts prices for a 2nd month]

Baosteel said last month that the Chinese steel industry was facing huge challenges in the second half of the year as a result of falling downstream demand, particularly from the construction and real estate sectors.

Domestic spot market prices have fallen around 15 percent since reaching their highest point of the year in late April.