China Steel Corp (中鋼), the nation’s largest steelmaker, yesterday said it would reduce domestic steel prices for deliveries next month by 5.61 percent, given lower market demand and falling iron ore prices. It is the third consecutive month that China Steel has cut domestic steel prices, after a reduction of 2.1 percent last month and 2.23 percent for this month, company data showed. The steelmaker said that growing concern about a global recession, soaring inflation and the summer vacation in the West are adding to already-sluggish steel demand over the past few months, which was caused by Russia’s invasion of Ukraine, China’s