INI Steel lowers HR steel coil prices
South Korea's second largest steel producer, INI Steel, reduced the price of hot-rolled steel coils by 3.3 percent in an effort to compete with cheaper Chinese imports. Sources report that the price of hot-rolled steel coils was reduced to Won 580'000 ($551) per metric ton from Won 600'000 ($570) per metric ton as of July 1, 2005. INI's move is in line with those of other global steel makers that had announced price reductions or production cutbacks due to rising inventories.