Wisco, Ansteel join price-cutting move

On the heels of Baosteel, China's two other steel giants Wisco and Ansteel have also reduced their prices of ordinary steel products for July shipment by 300 yuan to 600 yuan per ton and 350 yuan to 700 yuan per ton respectively. They also intended to slash auto steel prices by 1,000 yuan to 1,200 yuan per ton so as to vie for their clients who are now suffering skimpy orders.

In April China's production and sales of cars stood at 1.56 million units, up 34.6 percent and 34.4 percent, respectively, from a year earlier, but slipping by 9.85 percent and 10.37 percent from a month ago. Experts said the hot real estate sector has calmed down under the national restructuring policy. The auto and home appliance industries have also shown signs of slowdown after their heady growth over the past two years.