OREANDA-NEWS. July 19, 2012. Baosteel has released its pricing policy for August shipments that will cut prices for hot rolled steel, commodity cold rolled steel and pickled steel by 200 yuan to 260 yuan a ton and lower the price of high grade electric steel by 500 yuan a ton.

The domestic manufacturing industry remains weak due to the traditional slack season of June and July.

In the Shanghai market, the price of 4.75 mm hot rolled coil has tumbled 140 yuan a ton since June 11 and that of 1.0 mm cold rolled coil dropped 110 yuan a ton.

As of the end of June, steel inventories at major steelmakers amounted to 11.38 million tons, a reduction of 110,000 tons from a month ago. Stock levels at big cities have since then risen for two weeks.