Posted on 12 Oct 2009
China Baosteel cuts Nov steel prices by 9-13 pct
China's Baoshan Iron and Steel Co Ltd (Baosteel) (600019.SS) has cut prices for its major steel products by 9-13 percent for November sales versus the October tag, industry consultancy Umetal said on Saturday.
Baosteel, the listed unit of China's largest steelmaker, would cut the price of its major hot-rolled steel coil by 400 yuan ($58.61) per tonne, while reducing its major cold-rolled coil price by 700 yuan per tonne, Umetal said.
Baosteel's price of the major hot-rolled steel coil would be 3,942 yuan a tonne for November, while the price of the company's major cold-rolled steel coil would be 4,676 yuan a tonne, according to Reuters' calculation.
