China's Hebei Iron & Steel Group has cut prices of its main construction steel products by up to 180 yuan ($27.04) a ton, Reuters reported on Tuesday, citing the China Securities daily.
The firm, one of the country's top steelmakers in terms of output, cut its coiled rebar prices by 180 yuan per ton to 4,370 yuan, while wire rod prices were also reduced by 130 yuan to 4,270 yuan per ton, the China Securities daily said.
Hebei's price cut comes after rival Baosteel kept its key steel product prices unchanged for November bookings from a month ago -- underlining China's gloomy steel output.
Analysts have said that China's surprise interest rate hike last week have added to long-standing concerns about oversupply as the winter off-season approaches.
Major steel mills including Wuhan Steel Group and Anshan Steel Group have usually adopted monthly pricing, while some others, including the top private Shagang, prefer 10-day pricing changes to allow more flexibility in adapting to changing market conditions.