Steel giant cuts prices because of weak demand

Baoshan Iron & Steel Co, China's biggest publicly traded steelmaker, lowered prices as demand from makers of appliances and cars slowed.

Prices were cut by as much as 400 yuan ($63) a metric ton for July delivery, the Shanghai-based company said in a statement on its trade website bsteel.com. Most hot-rolled and cold-rolled products were reduced by 200 yuan a ton. Baoshan had raised prices by 100 yuan in January and as much as 200 yuan in March and kept most grades little changed in the other months this year.

Agencies - China Daily