7/16/2012 10:40:00 AM
NEWS BRIEFS
China’s Bao Steel Cuts August Prices
China’s Baoshan Iron & Steel will cut August prices by 4.6% to 5.6%, “suggesting the company lacks confidence in the market near-term,” Reuters reports.
The reduction is China’s largest steelmaker’s second price decrease of 2012.
Shanghai-based Baosteel reduced hot-rolled coil prices by 200 yuan ($31) per ton and cold-rolled coil prices by 260 yuan ($41) per ton for August.
China’s steel industry is expected to see low demand in July and August until a seasonal pickup in September, and efforts by Beijing to stimulate the economy are unlikely to provide an immediate boost to steel prices, analysts say. ©2012 GlobalFastenerNews.com
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