It's reported that China's steel prices may decline further after it plummeted to the lowest level over past 10 months. Thus, analysts said that Chinese steel mills may cut output.
According to report of Beijing Antaike Information Development, the prices of hot rolled coils were at RMB4, 538/ton on October 14th, reaching the lowest level since December 20th.
It's analyzed that the declined steel prices were caused by market participants' concern on global economy and slack demand from construction sectors in China.
Meanwhile, Angang Steel said on October 14th that the decreased steel prices have squeezed the profits and its net incomes in the first nine months of this year have dipped by 91% year on year.
Also, Baosteel, the largest steelmaker in China said on October 12nd that it decided to remain the prices of most of its products unchanged for November, terminating the hikes for consecutive two months