China's Baosteel cuts July prices again

BEIJING, June 8 Sat Jun 8, 2013 4:53am EDT

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BEIJING, June 8 (Reuters) - China's Baoshan Iron & Steel , the country's biggest listed steelmaker, will drop its July booking prices for the second consecutive month in response to slower demand growth, the company said on Saturday.

Pricing move by the firm, known as Baosteel, usually set the tone for the wider steel sector in the country and underscores concern over little recovery in steel demand in the world's top producer and consumer.

Baosteel will cut July prices of hot-rolled coil mainly for manufacturing by 200 yuan ($32.61) a tonne and cold-rolled coil, principally for autos and domestic appliances, by 200 yuan a tonne, the company said in a statement on its website (www.bsteel.com.cn). ($1 = 6.1335 Chinese yuan) (Reporting by Ben Blanchard, Shao Xiaoyi and David Stanway; Editing by Robert Birsel)

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