UPDATE 1-China Baosteel cuts Oct hot-rolled steel price

* Cut Oct hot-rolled coil price to 4,342 yuan a tonne

* Kept cold-rolled steel coil unchanged at 5,376 yuan/T

SHANGHAI, Sept 7 - China's Baoshan Iron and Steel Co Ltd (Baosteel) has cut the price for its major steel product by 6 percent for October sales as the domestic market weakened, industry consultancy Umetal said on Monday. After a months-long rally to a 10-month high in early August, steel prices in Chinese physical markets turned south, bringing down spot iron ore prices and pushed steel mills to cut their offer prices for sales in the following months.

Baosteel, the listed unit of China's largest steelmaker, cut its hot-rolled coil price by 300 yuan ($43.92) versus September to 4,342 yuan a tonne, and kept the price of its key cold-rolled steel coil unchanged at 5,376 yuan per tonne, Umetal said.

The company will also keep October prices of its hot-galvanizing steel, galvanizing steel and heavy steel plate unchanged compared with September, Umetal said.

Several major Chinese steel mills cut their product prices for September sales by up to 19 percent from their August levels last week, as spot prices continued to fall on weak demand. ($1=6.830 Yuan)