Chinese steel maker Shandong Shangang Group cut the price of its deformed steel bars by 100 yuan per ton on Sept 21, the first State-owned steel mill to lower its product price in September, the National Business Daily reported Tuesday.

On the other hand, Baoshan Iron & Steel Co (Baosteel), Wuhan Iron and Steel (Group) Corp (WISCO) and Angang Steel Company (Ansteel) all slightly raised the prices of their major products. WISCO and Ansteel both raised the prices of hot-rolled and cold-rolled products by 100 yuan ($14.9) per ton and Baosteel had even higher factory prices.

But the price adjustment by these three steel enterprises did not form a clear upward trend in setting the market price, and Shangang's move reflected the uncertainty in the price-setting of the market, the report said.

The uncertainty in price-setting was a result of the uncertainty caused by the expectations of the real demand and whether the policy of limiting power supply to the mills could continue. according to the report.

Source: China Daily