Baosteel has informed its customers of cutting steel prices for October shipment following two quarters of price rise in a row. The new price of hot rolled pickling and color coating will be slashed by 200 to 500 yuan per ton from September to 4,442 yuan per ton on average while shipbuilding steel, wide heavy plate and cold rolled prices remain unchanged. Yet the group’s prices of some products are higher than the average levels. Buyers who deemed the prices still unworkable have no option but to trim or even drop orders. Experts say other mills will likely follow suit encouraged by their strongly profitable Q3 results.