Baosteel expects steel market to improve in September

The company has reduced prices for its flat products with delivery in August

Major Chinese steelmaker Baosteel expects steel market performance to not improve until September, which is the traditional peak season for the steel industry. Steel Orbis informs abput it.

On an interactive platform with investors, Baosteel said it cut prices for carbon steel flats for August delivery amid lower spot market steel prices and additional maintenance work carried out by the company.

“While the prices of some raw materials also showed a clear decline, most steelmakers suffered losses or their profits declined. Baosteel does not expect steel market performance to improve until September, which is the traditional peak season for the steel industry,” – the message informs.

As GMK Center reported earlier, steelmakers in the world stop power due to falling demand for steel products. At the same time, EU iron&steel companies are waiting for an increase in demand and an increase in steel prices in the fall, but this may not happen.

European steel prices in July continued to decline, although the overall rate of decline has slowed. There are large differences in prices between products and regions. Stocks of steel at rolling mills and service centers increased – they received orders made during the rush purchases in March and April.