Chinese steel goliath Baosteel Group has recently announced that it is planning to reduce its May steel offers, valid from April 1 on. The discount will be RMB 500/mt ($76/mt) in wire rod offers. The company had cut down its steel offers on March 1 as well.
China's Shougang Steel Group has also announced a RMB 480/mt ($73/mt) reduction in its wire rod offers and a RMB 360/mt ($55/mt) discount in its rebar offers for April.