Baoshan Iron and Steel, the largest steelmaker in China, said it will cut prices of its main products in August, the second consecutive cut in a year.

The Shanghai-based company, known as Baosteel, will cut hot-rolled coil prices by 200 yuan ($31) per ton, and cold-rolled coil prices by 260 yuan ($41) per ton.

The steel industry is slowing down as China's economy cools off.

China's GDP grew 7.6 percent in the second quarter, the lowest figure since the first quarter of 2009.