The three major steel makers in China, including Baosteel, Angang Steel, and Wuhan Iron and Steel Corp. (Wisco) have all dropped their prices for carbon steel products.
Wisco decreased the prices of hot rolled steel, cold rolled steel and electrical steel by RMB100~RMB150/ton, RMB150~RMB500/ton and RMB200~RMB400/ton respectively.
Also, Angang Steel declined the prices of hot rolled steel and cold rolled steel by RMB80~RMB100/ton and RMB150/ton respectively. Basteel has also followed the price policy of Wisco and Angang Steel basically.
Currently, as the market demand for steel products has remained weak, market prices have been dropping.
In addition, China’s down sales figures of car sales in the past four months have slowed down the sales in high end steel sheets for autos sectors.
