9/12/2012 12:44:00 AM
NEWS BRIEFS
China’s Steelmakers Keep October Prices Unchanged
China’s steelmakers decided to keep main steel product prices unchanged in October, Reuters reports. The news follows three consecutive months of price cuts by the country’s steel industry as it dealt with lackluster demand.
Baosteel said its September prices for hot-rolled coil and cold-rolled coil would roll over into October unchanged.
Wuhan Iron & Steel announced similar news, hoping to stabilize the market.
“(China Metallurgical News) said in an editorial that no steel firm appears willing to make the production cuts necessary to shore up prices, preferring instead to try to undercut their rivals by slashing prices, waiving freight costs or even allowing traders to pay in installments,” according to Reuters.
Trying to boost the market, China’s central government announced that it would spend more than $150 billion on a new round of infrastructure projects. ©2012 GlobalFastenerNews.com
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