According to the data released by MOFCOM on 2nd November, China's domestic steel price had declined by 1.6% for the week ended on October 30 compared to prior week and by 9.4% compared to middle August. For instance, the price for silicon steel sheet with thickness of 0.5 mm, plate with thickness of 10 mm and high speed wire rod with diameter of 6.5 mm had decreased by 6.7%, 2.6% and 1.8% respectively week over week. This was also the tenth consecutive weekly decline.
It is analyzed that the decreasing programs, sliding EXW prices from steelmakers and constant tumbling raw material prices are the main reasons for the current price dips.