Last Updated :
12 October 2009 at 12:55 IST
China’s Baosteel to cut prices in Novmber
BEIJING (Commodity Online) : China’s Baosteel, one of the world’s top steel producers, on Sunday said it will cut its prices for major steel products in November by 250 yuan to 500 yuan per ton.
According to a statement released by the company, it will slash the prices of hot- and cold-rolled steel products by 400 yuan per ton. Prices of thick steel plate and electrical steel will also be cut by 400 yuan per ton.
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The price adjustment, following a price cut for major steel products in October, shows that the market prices of steel products will continue to decline.
Shares of Baosteel dropped 2.08% to 6.61 yuan Monday morning.
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