SHANGHAI, Jun. 14 (SMM) - Baosteel released its July price policy before the Dragon Boat Festival in China, lowering cold-rolled plate prices by RMB 200/mt.
Wuhan I/S is expected to release its prices today. The company planned to adjust prices immediately after Baosteel released its prices, but the two companies are split on price adjustments. Wuhan I/S may lower prices by RMB 100-200/mt.
The company will lower prices due to the onset of the low demand season and poor orders, but price drop will be smaller than Baosteel as they had cut prices for two consecutive months.
The price drop indicates orders received by steel plants are sluggish, and the lack of market confidence.