Quoted steel prices of Baosteel will drop sharply in July
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Baosteel, China's biggest steel maker, has lowered its quoted steel prices for July, especially on auto sheets, according to an unreleased document that has aroused great attention within the industry on Thursday.
The report shows the prices of automobile steel and high strength steel decreasing 1,300 yuan (US$190.34) per ton, or 17 percent. Other prices for products include 800 yuan (US$117.13) per ton for common cold steel and 400 yuan (US$58.57) per ton – or about 10 percent – for hot steel, pickled sheet steel and hot dip galvanized steel.
The steel quotation from Baosteel for July shows a depression in the steel industry. Some insiders said that the order quantities of various steel products had a sudden decline in May.
China's business press carried the story above on Friday. China.org.cn has not checked the stories and does not vouch for their accuracy.
