Dow Jones: China Baoshan to Reduce July Steel Prices; First Cut This Year

Staff Reporters Dow Jones AcciaioReport News  

Chinese steelmaker Baoshan Iron and Steel Co. (600019) will cut July prices of key products, the Shanghai-listed subsidiary of Baosteel Group Corp. said in a notice on Monday. Baoshan will cut hot-rolled and cold-rolled steel prices by 200 yuan a metric ton, while other product prices would fall by CNY100-CNY300/ton. The bellwether company's first price cut of the year comes amid ebbing domestic demand due to the government's res trictions on the property sector, a major steel consumer.

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