(…) Shanghai-based Baosteel will slash hot-rolled coil prices by 200 yuan ($31) per tonne and cold-rolled coil prices by 260 yuan ($41) per tonne for August bookings.
The shaky global economy and slumping domestic growth are hammering Chinese companies, leading to a series of profit warnings by firms ranging from steelmakers to airlines.
Angang Steel Co Ltd estimated a net loss of around 2 billion yuan ($309 million) in the first half of 2012, mainly due to slumping steel prices.
More broadly, some analysts say that even if the economy picks back up in the second half, it could take more (…)
via UPDATE 1-China’s Baosteel cuts main steel product prices for August | Reuters.