Wuhan Steel Processing Co has shelved its H-share listing due to poor investor response and concern over the price of steel products. The company was scheduled to launch an international roadshow early this month to raise between US$150 million and $200 million. 'We don't think the timing is right,' an underwriting source said. It is the second delay by Wuhan Steel - a subsidiary of Wuhan Iron and Steel (Wugang) - the listing having been postponed last year due to the regional financial turmoil. The source said Wuhan Steel was conducting an audit of its annual results for last year and the earliest date for the flotation would now be some time next month. He said the firm would only list next month 'if the steel market and the equity markets improve from current levels'. The source said Wuhan Steel had been discouraged by the sluggish subscription rate of this year's first H-share offering - Yanzhou Coal Mining Co - which received applications for about 1.6 times the number of shares on offer. 'It's like coal. Commodities are not favoured by investors,' he said. Wuhan Steel is also restricted from pricing its share at a very low level due to central government regulations which state issue prices must be higher than a company's net asset value per share. Wugang was among the second batch of overseas listing candidates selected by Beijing in 1994. The progress of its flotation has been stalled due to falling steel product prices on the mainland as a result of the austerity programme. In order to enhance its attractiveness, Wugang planned to include in Wuhan Steel its profitable cold-rolling plant and a silicon plant.