According to the data released by MOFCOM on October 13, China's domestic steel price had declined by 0.1% for the week ended on October 9 compared to prior week. For instance, the price for seamless steel pipe with specification of 219*7 and round steel with diameter of 16 mm had decreased by 0.4% and 0.3% week over week. This was also the seventh consecutive weekly decline.
Meanwhile, the social construction steel inventories in China's 29 main cities had amounted to 6.8328 million t till September 30, surging by 7.4% compared to late August and by 7.5% year over year.
It is reported that the dropping procurement orders from final customers and sliding price quotes from steelmakers are the main reason for the decrease in last week.