Baosteel reduces prices for Q1 2006

Baosteel reduces prices for Q1 2006

China's Baoshan Iron & Steel (Baosteel) announced price cuts for the first quarter of 2006. In accordance with the company's new marketing strategy of decreasing prices in order to push smaller steel mills out of the market, Baosteel today announced price cuts for its 2006 first quarter prices. Accordingly, hot rolled coil prices will be decreased by RMB 500-800/mt ($62-99), cold rolled coil prices by 800-1'500 RMB/mt ($99-185), galvanized iron coil by RMB 800-1'500/mt ($99-185), pre-painted galvanized steel by RMB 800/mt ($99) and electrical steel by RMB 1'000/mt ($123). Detailed prices will be announced later.