Date: 2013-07-31

Baosteel Likely to Cut Steel Price

Several major Chinese steel mills cut their product prices for September sales by up to 19% from their August levels recently as spot prices continued to fall on weak demand.

Hebei Iron and Steel Group, the country's No. 2 steelmaker, lowered the price for its major reinforcing steel bar by CNY 950 or 19% to CNY 3,950 a tonne, effective on Tuesday.

Shagang Group, China largest private-sector steel mill and the largest rebar producer also reduced construction steel prices by CNY 400 or about 9% to 10% for September sales.

An analyst said "We expect more major mills to follow suit because of the need to destock while maintaining full operational capacity to generate cash flow."

Trade sources said Baoshan Iron and Steel Co is expected to lower sale prices for major hot rolled and cold-rolled steel products for October next week after raising them since July.

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