Baosteel reduces prices for December

SHANGHAI: Baoshan Iron and Steel Co Ltd (Baosteel), the country's largest steelmaker, has cut sale prices of its main products for December by as much as 1,000 yuan, making it the fourth such reduction this year.

In a notice to customers, the listed unit of the country's largest steelmaker said it is reducing prices on five categories of steel products. Cold-rolled steel prices have been reduced by 970 yuan per ton while hot dip galvanized steel and acid pickling steel prices have been cut by 1,000 yuan per ton.

"By lowering product prices, Baosteel is able to utilize its enormous stockpile of iron ore and also maintain a resilient cash flow," said Wang Jianhua, director with Mysteel.com, a steel information and data provider.