On June 16, major Chinese steel producer Wuhan Iron and Steel Co. (WISCO) announced its new price policy for July shipment orders. Accordingly, the prices of all WISCO's flat steel products have been reduced, while the producer has made a slight upward adjustment to its wire rod price.
Two other major Chinese steelmakers, Baosteel Group and Anshan Steel Group, both lately announced reductions in their flat steel price lists. The reductions in the ex-mill prices of the three steelmakers in question reflect the overall weakness in the Chinese flat steel market.