Chinese steel giant Baosteel will keep its main flat steel product prices unchanged for June delivery, the company announced on Tuesday, May 10, due to its need to balance strong raw material costs.
Baosteel's decision to keep prices steady for June has not come as a surprise to analysts and traders, as domestic steel prices are unlikely to fall by a significant margin in the second quarter when demand traditionally picks up.
Baosteel, the traditional pricing leader for the Chinese market, cut the prices of its main flat steel products for May, after buyers reduced orders in recent months in the face of high inventories and weak demand.