Taiwan's top steel maker China Steel Corporation said that it will slash its domestic product prices by an average 4.5% in December from the October to November tag, following bigger Chinese rivals.

Mr TY Huang VP of CSC told Reuters by phone that “The price slash indicates a bottoming out, rather than the beginning of trending downward.’

The cut, China Steel's first one after three price rises since July, followed bigger Chinese rivals. China's Baoshan Iron & Steel Co had cut prices for its major steel products by 9% to 13% for November sales versus October.

China Steel used to adjust prices every three months in the previous year or so, but started announcing price changes on a flexible basis to better reflect global markets.

(Sourced from www.reuters.com)