SHANGHAI, Jul. 23 (SMM) - Three steel tycoons in China, including Ansteel, Baosteel and Wuhan I/S lowered their ex-works benchmark price of galvanized products for August, according to AASTOCKS.com.

Ansteel (000898.SZ) lowered galvanized products prices by 250 yuan per tonne and dropped price for Al-Zn coated products by 100 yuan per tonne. Baosteel (600019.SH) cut price for hot-galvanized steel products by 80 yuan per tonne, and lowered price for electrogalvanized and Al-Zn coated products by 100-150 yuan per tonne. Wuhan I/S (600005.SH) also cut price for electrogalvanized steel by 200 yuan per tonne, and lower price for hot-galvanized steel by 80 yuan per tonne.

Ansteel has lowered prices for its major products for six months on end. Wuhan I/S cut its ex-works price in August more sharply compared to July, which coincides with market expectations. Industry insiders believe the more significant price cut by the company is due mainly to the off-season for steel and suggests the market is still not promising.

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