UPDATE 1-China Baosteel Cuts July Product Prices - Report

SHANGHAI June 4 -- China's Baoshan Iron and Steel Co (600019.SS: Quote) cut prices of hot-rolled products by about 10 percent and cold-rolled products by 800 yuan ($117.2) a tonne for July, the official Shanghai Securities News said on Friday.

This would be the first time for Baosteel to cut prices since last November, as steel prices dip with traders wary of demand outlook in China, the world's top steel producer and consumer. [ID:nTOE64U06K]

Cold-rolled steel coil will be priced at 5,226 yuan a tonne, down 13 percent from the previous month, according to Reuters calculations.

The report did not detail the exact price change for hot-rolled products, but said the cut would be about 10 percent.

Baosteel's price adjustments are regarded as a benchmark for China's steel industry.

The mill will also reduce July prices of galvanised products by about 10 percent, the report said.