27 Chinese Steel Mills Reduce Steel Price

Influenced by the international fall of steel price, 27 Chinese steel mills, including the state owned Hebei Iron and Steel Group (with No. 1 production in China) and the privately owned steel giant Shagang, all announced the reduction of steel price. According to the steel price policy of Shagang, the quoted prices of high wire, deformed steel bars, and coiled reinforced bars are reduced RMB 50-80 per ton in late June. The quoted price of Hebei Iron and Steel Group indicated that the prices of steel plates, hot rolling and cold rolling products are reduced RMB 100-200 per ton. One analyst predicted that the price reduction of Chinese steel market will continue and the range of price drop of some steels will accumulatively reach 10%.