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Baosteel cuts product prices again
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BAOSHAN Iron & Steel Co has lowered product prices for a second straight month, signaling a lack of confidence in near-term demand.
It cut hot-rolled steel prices for June delivery by 80 yuan (US$12.83) a ton and cold-rolled steel prices by 100 yuan per ton, said a notice yesterday.
The moves may indicate expectations of weaker demand from the company’s primary customers in the automobile and home appliances sectors, according to Changjiang Securities analyst Wang Hetao. It doesn’t reflect seasonal factors, he said, because Baosteel has lowered prices for June only twice since 2006.
Shanghai-based Baosteel is China’s largest listed steel company, and its pricing policy typically serves as a benchmark for the rest of the industry in China. It supplies about half of the nation’s auto sheet market.
The latest price cuts may help Baosteel narrow its premium over market prices, Wang said. Still, he added, Baosteel may realize a monthly profit increase in June because the drop in raw materials prices is even wider.
Baosteel cited lower steel prices when it reported first-quarter net profit fell 7 percent from a year earlier to 1.51 billion yuan. The steel industry nationwide posted an aggregate loss of 2.3 billion yuan in the same three-month period, said the China Iron and Steel Association.
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