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China Steel Corp in Tainwan province of China announced that it would slash steel prices for June deliveries after earlier cutting prices for May, as the COVID-19 pandemic continued to weigh on market demand. CSC said “The company is to cut June prices by NTD 900 (USD 30) per tonne for hot-rolled steel plates and hot-rolled steel coils, as well as hot-rolled and cold-rolled steel pipes. Prices for electro-galvanized sheets and hot-dipped galvanized steel coils would be reduced by NTD 600 per tonne.”
The price adjustments, averaging 1.68 percent, represent the company’s largest cuts so far this year.