Baosteel sets steel prices for June at May levels

Baoshan Iron and Steel (Baosteel)<600019>, the leading steel producer in China, slightly lowered its prices of major steel products for June, following price cuts in April and May, in an effort to stabilize the market price, the Shanghai Daily reported.

In June, Baosteel's hot-rolled steel product price will be RMB 3,292 per ton and its cold-rolled steel product price will be RMB 3,826 per ton, remaining at May price levels. However, Baosteel reduced prices for some products, including aluminum-zinc alloy-coated steel, non-oriented electrical steel and heavy plates, by between RMB 200 and RMB 300.

The company hopes the price adjustment will stimulate its steel products sales and ease its inventory pressure.

Previously, the company reduced steel product prices due to oversupply amid sluggish demand after the short-lived domestic price recovery.

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