Baosteel Cuts Prices

Baoshan Iron & Steel is cutting prices for its main steel products for the first time in nine months — a clear sign of falling demand in a sputtering economy. As China’s largest listed steelmaker where Baosteel leads others in the industry will follow. The cuts are of the order of 5% depending on the product line and in line with discounts customers have already been getting in recent months. With demand weak and output at record levels the supply glut is worsening.

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