Baoshan Iron and Steel Co Ltd has cut prices for major hot-rolled steel products by 250 yuan per ton, and cold-rolled steel products by 200 yuan ($29.27) for May from April levels, industry website Mysteel said.

 

The price cut is equivalent to 7 percent on hot-rolled steel and 5 percent on cold-rolled products, according to a Reuters calculation.

 

After the decrease, prices for hot-rolled steel products will be 3,292 yuan ($482) per ton, and prices for cold-rolled steel products will be 3,826 yuan per ton, Mysteel said.