Eight Chinese steelmakers cut the price of their products on Wednesday for July delivery, after 27 mills reduced prices on Tuesday, following on from cuts by 21 others on Monday, according to data from the consultancy Mysteel.com.
Leading steelmakers, such as Baoshan Iron & Steel (Baosteel) Co Ltd and Anshan Iron and Steel Group, have cut prices for products to be delivered in July by 70 yuan ($11) to 200 yuan a ton. "As the rainy season is a slack period for steel products, when construction, which accounts for 45 percent of steel consumption, slows down, it puts pressure on steel prices and even iron ore prices," said Guo Yi, an analyst at Mysteel.
Domestic average steel indexes reached 174.8 on Wednesday, down 1.24 percent from the previous week, and a decline of 1.41 percent from a month ago, as a result of sluggish market demand. China's steel inventory in May fell 5.2 percent from a month earlier, the China Iron and Steel Association said in a statement on its website on Monday.
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