Major Chinese steelmaker Baosteel has stated on an interactive platform with investors that it has cut its prices for carbon steel flat products for delivery in August amid declining steel prices in the spot market and more maintenance works being implemented by steelmakers.
Though some raw material prices have also indicated obvious decreases, most steelmakers have been suffering losses or their profits have been reduced. Baosteel expects that the performance of the steel market may not improve until September, which is the traditional peak season for the steel industry.