According to the data released by MOFCOM on October 27, China's domestic steel price had declined by 3.5% for the week ended on October 23 compared to prior week and by 8% compared to middle August. For instance, the price for HR sheet with thickness of 3 mm, high speed wire rod with diameter of 6.5 mm and plate with thickness of 10 mm had decreased by 5.4%, 4.3% and 4.3% respectively week over week. This was also the ninth consecutive weekly decline.
On the other hand, the price for iron ore imports also had decreased substantially. In detail, the iron ore fines from India were quoted at 1190 to 1200 yuan per metric ton till October 21, dropping by 10.5% as compared to late September.