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Baosteel cuts prices of steel products

(Agencies)
Updated: 2009-04-01 16:33

Baoshan Iron and Steel Co Ltd has cut prices for major hot-rolled steel products by 250 yuan per ton, and cold-rolled steel products by 200 yuan ($29.27) for May from April levels, industry website Mysteel said on Wednesday.

Related readings:  Steelmakers feel the price pinch China to cap steel output at 460m tons in 2009  Baosteel revenue may drop 27% this year  Baosteel says will return to black in Q1

The price cut is equivalent to 7 percent on hot-rolled steel and 5 percent on cold-rolled products, according to a Reuters calculation.

After the decrease, prices for hot-rolled steel products will be 3,292 yuan ($482) per ton, and prices for cold-rolled steel products will be 3,826 yuan per ton, Mysteel said.