China's steelmaker cuts Oct. factory prices for major products
Chinese steel industry bellwether Baosteel has decided to cut its factory prices for major products in October, except for raising prices of electrical steel, ending unchanged price policy for three months.
Baosteel cut prices of hot-rolled steel, cold-rolled steel, pickling steel and galvanized steel by 80 to 150 yuan/tonne for October.
The price cut is within market expectation, analysts say, expecting other major steelmakers inChina, such as Wuhan Iron and Steel and Anshan Iron and Steel, to follow suit.
China's spot steel prices have extended losses since the beginning of August, with hot-rolled coil price dipping up to 300 yuan/tonne inShanghaiandTianjin, leading to a bigger gap between the factory prices and spot prices.
Benchmark iron ore prices have also slumped to their lowest level in five years.
Baosteel cut prices of hot-rolled steel, cold-rolled steel, pickling steel and galvanized steel by 80 to 150 yuan/tonne for October.
The price cut is within market expectation, analysts say, expecting other major steelmakers inChina, such as Wuhan Iron and Steel and Anshan Iron and Steel, to follow suit.
China's spot steel prices have extended losses since the beginning of August, with hot-rolled coil price dipping up to 300 yuan/tonne inShanghaiandTianjin, leading to a bigger gap between the factory prices and spot prices.
Benchmark iron ore prices have also slumped to their lowest level in five years.
