China's steel plate market will experience the correction after the long national holiday in October as the weak market demand is not improved and the spot iron ore prices continue falling, according to market participants' estimates.
However, the price dip of steel plate is limited if the iron ore prices remain high.
It's known that the Chinese government announced to pour RMB1 trillion on infrastructure early September. At the same time, the US government launched the QE3 monetary policy.
Affected by these two factors, the steel prices started to rebound in the Chinese domestic market. Also, China's export prices of steel products jumped by US$10~US$15/ton.