| News & Trends | ||
| Chinese domestic steel price posts six year biggest drop in October - CISA - 21 Nov, 2008 | ||
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It is reported that Chinese steel price has plunged sharply within October, the biggest drop in six years, as the meltdown in domestic steel demand has fanned fears of further market crisis domestic composite steel price index lost 24.56% or 35.35 points from September to 108.59 at the end of October, the steepest decline within a single month since 2001. Long products price index fell 23.11% to 110.47, flat products price index slid 37.24% to 106.74. The price decline has accelerated, with the former up 18.56% points, and the latter gains 19.96% points. The association cautioned that steel mills should gird for a lengthy market downturn despite the stimulus package plan unveiled by the government. Worldwide financial crisis is set to cause greater damages to physical economy in days to come. As per report contracting domestic economy, battered market confidence have resulted in slower production growth in steel consuming sectors and plummeting steel export. Meanwhile, steelmaking ingredients prices also have posted steep decline. Domestic ore concentrate, scrap and coke price all have lost over 30% within the month. It is said that falling raw materials price would shatter the ground of production cost supporting steel prices. However, the association admits that the stimulus package would help boost domestic steel consumption to some extent. And the revised export tax regime is to partially mitigate the market pressure. Fortunately, low stock level would help future steel prices tend towards stabilizing. (Source from MySteel.net) | ||
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