8/14/2012 1:14:00 PM
NEWS BRIEFS
Asian Steel Prices Continue to Drop
China’s Baoshan Iron & Steel said it would cut September prices of its main products — the company’s third price cut since June, Reuters reports.
Hot-rolled coil prices will be cut by 100 yuan ($15.73)/ton and cold-rolled coil prices of some grades by 150 yuan/ton.
In August Shanghai-based Baosteel reduced hot-rolled coil prices by 200 yuan ($31)/ton – or 4.6% – and cold-rolled coil prices by 260 yuan ($41)/ton – or 5.6%.
Other Asian steelmakers have already announced price cuts for September.
Taiwan’s China Steel Corp. cut September prices on wire rod and other steel products, Bloomberg reports. CSC said prices will fall by an average 5% for September contracts.
Wire rod and bar prices were cut by an average of NT$1,300, while prices of hot-rolled coil will fall by an average of NT$992 and cold-rolled steel by NT$949.
Electro-galvanized sheet prices will drop NT$1,000 a ton; electrical sheets by NT$929; and hot-dipped zinc-galvanized sheets by NT$1,200.
The price cuts are the biggest since the 7% reduction for January and February contracts announced last Nov. 24, according to Bloomberg. ©2012 GlobalFastenerNews.com
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