Baosteel plans to lower most prices in Oct

SHANGHAI: Baoshan Iron & Steel (Baosteel), the country's largest listed steel mill, announced it is to lower most of its steel products prices in October after it raised prices in three consecutive quarters this year.

This may be the result of weakened downstream demand and a new round of economic adjustment, analysts said.

Baosteel announced on Monday that it will slash the price of its cold-rolled steel products by 300 yuan per ton from the fourth quarter. The price-cut list also includes galvanized sheet products, which will go down 100 yuan per ton, hot-rolled pickled steel products, which will drop 300 yuan per ton, and galvanized fingerprint resistant sheet, which will dip 400 yuan per ton.