Wuhan declares discount

Wednesday, 01 June 2005 14:50:27 (GMT+3)   |  

Wuhan declares discount

China's Wuhan Iron and Steel Co. Ltd. announced that the company would reduce its hot rolled and cold rolled steel prices by around RMB 300 ($36) per metric ton for the local market. Wuhan's other product categories will see prices rolled back RMB 100-200 ($12-24) per metric ton. The Chinese steel industry has seen an average 10% decline in both hot and cold rolled steel prices since the beginning of April, when Beijing implemented various measures in an effort to cool down the overheating economy. Last week, China's largest steelmaker, Baosteel, announced that it would not reduce its third-quarter prices.

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