On June 9, Chinese steel giant Baosteel Group announced its new flat steel prices for July delivery, reducing the ex-mill prices of most of its flat steel products by a margin of RMB 100-200/mt ($15-30/mt), with some extra discounts for each product.
Market players predict that the other major Chinese mills such as WISCO, Anshan Steel Group and Benxi Steel Group will follow the example of Baosteel's flat steel price cuts.
In contrast to the domestic flat steel market, in recent days construction steel prices in China have maintained a relatively positive trend.