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Baosteel said hot-rolled carbon product prices were cut by 300 yuan a ton, with hot-rolled low-carbon products falling by 200 yuan and, and cold-rolled prepainted steel sheet down 350 yuan.
Steel plate and most cold-rolled products remained unchanged, traders who work with Baosteel told Caijing.
Hu Yanping, an analyst from consultancy Umetal, told Caijing that the price cut reflects growing competition in the hot-rolled steel segment which is used mostly by the machinery industry, a sector which has not yet fully recovered from the economic downturn.
The company raised prices for three consecutive months beginning June.
However, the market has been on a downward slide since early August. The MySpic Index, consultant Mysteel's weekly monitor of domestic steel prices, fell from 165 on Aug. 7 to 134 on Sept. 4.
Mysteel analyst Xu Xiangchun said Baosteel still has room to cut prices further, as its prices are still far higher than the average market rate.
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