Baosteel product prices cut
By Cathy Ding |
April 9, 2011, Saturday
|
Print Edition
Print Edition
BAOSHAN Iron and Steel Co has said it will cut steel product prices for May delivery for the first time in nine months.
Baosteel will slash the prices of hot-rolled products by 200 yuan (US$30.6) a ton and of cold-rolled products by 300 yuan a ton, the country's largest publicly traded steel maker said in a statement on its website on Thursday.
Other major steel makers, including Wuhan Iron and Steel and Maanshan Iron and Steel, lowered their prices last month, and Baosteel's move may be a follow-up measure to reflect low spot price, industry insiders noted.
Prices of both of Baosteel's cold-rolled and hot-rolled products are 600 to 700 yuan more than the spot price, according to data compiled by Steelhome.cn.
Baosteel Chairman Xu Lejiang said last month that demand from auto makers may slow this year after government incentives for vehicle purchases expired.
"The capacity for cold-rolled products has been rising for the past several months, and the demand is clearly not growing as fast as supply, which explains the price cut," said Changjiang Securities analyst Liu Yuanrui.
Baosteel's shares dipped 0.1 percent to 7.24 yuan in Shanghai yesterday.
Baosteel will slash the prices of hot-rolled products by 200 yuan (US$30.6) a ton and of cold-rolled products by 300 yuan a ton, the country's largest publicly traded steel maker said in a statement on its website on Thursday.
Other major steel makers, including Wuhan Iron and Steel and Maanshan Iron and Steel, lowered their prices last month, and Baosteel's move may be a follow-up measure to reflect low spot price, industry insiders noted.
Prices of both of Baosteel's cold-rolled and hot-rolled products are 600 to 700 yuan more than the spot price, according to data compiled by Steelhome.cn.
Baosteel Chairman Xu Lejiang said last month that demand from auto makers may slow this year after government incentives for vehicle purchases expired.
"The capacity for cold-rolled products has been rising for the past several months, and the demand is clearly not growing as fast as supply, which explains the price cut," said Changjiang Securities analyst Liu Yuanrui.
Baosteel's shares dipped 0.1 percent to 7.24 yuan in Shanghai yesterday.
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