According to CISA, Chinese steel price index averaged 122.72 in the end of October, down 9.58% as compared to previous month, which is the lowest level of this year. Meanwhile, Chinese steel market has continued its downward trend in the first two weeks of November.
On the other hand, China's customs also stated that in October of this year the average price for Chinese imported iron ore was $1.7554 per metric ton (CIF), down 0.38 per metric ton as compared to previous month. This is the first time for Chinese imported iron ore price to decline in the past ten months. It is learnt that the price for imported iron ore also has continued its downward trend in early November but there are signs signifying the price has rebound softly. Hence steel mills should pay more attention to the raw material price trend and by all means optimize their production activities to maximize their profits.