Baosteel cuts steel price for December

Baoshan Iron and Steel Co Ltd (Baosteel)<600019>, China's largest steelmaker, has cut sale prices of its main products for December by as much as RMB1, 000 per ton, sources reported.

The price cut covers five categories of steel products, of which cold-rolled steel products have been cut by RMB 970 per ton, while the prices of galvanized steel product for December sales were cut by RMB 1,000 per ton.

This is the fourth price cut that the Shanghai-based steel manufacturer announced this year, in a bid to utilize its huge stockpile of iron ore and boost its cash flow, according to sources.