Beijing News reported that Anshan Steel revealed a bigger price cut for major products by CNY 400 per tonne to CNY 500 per tonne in October versus the similar moves of its domestic rivals Baosteel and Wuhan Steel.

As per report, before this Baosteel cut its October prices by CNY 200 per tonne to CNY 500 per tonne and CNY 200 per tonne to CNY 400 per tonne in Wuhan Steel. Ansteel made 1.0mm CRC is CNY 300 per tonne lower than the same products in Wuhan Steel and CNY 1,000 per tonne lower than that of Baosteel which is much more close to the present market situation.

The domestic steel prices have dropped by 25% since August 5th retreating to the same level in early May this year. Someone believed that the oversupply would remain in the following days, with the steel prices fluctuating near the bottom, on account of the high inventory and unclear output reduction by the steel mills.

(Sourced from Beijing News)