Chinese Steelmakers Lowering Prices

Global steel prices are rapidly soaring. In the face of dropping demand, some Chinese steelmakers  lowered prices. But compared to already skyrocketed prices, 200rmb discount is nothing.  Here is the news about it:

Driven by this, a list of Chinese steelmakers, including Angang Steel Co., Ltd., Shougang Group, Maanshan Iron & Steel Co., Ltd. (SHSE: 600808) and Baosteel Group Xinjiang Bayi Iron and Steel Co., Ltd., lowered the prices of their products in succession. The average markdown stood at about CNY 200 per ton, according to industry experts.

Statistics from the Ministry of Commerce (MoC) show that China’s steel price averaged at CNY 6,284 per ton in July 2008, down 0.4 percent from June this year. The figure was CNY 6,124 per ton in the first half of August, down 2.2 percent from 15 days ago.

Source: Shanghai Daily

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