Market Insights
Top news, commentary and analysis on the China steel and other commodities markets.
China's construction steel market will face intensifying pressure in November as the market heads into the traditional winter off-season for steel consumption, according to Mysteel's latest monthly report on the sector. Relatively low inventory levels may lend some support, however.
Shagang Group (Shagang), the leading electric-arc-furnace (EAF) steelmaker headquartered in East China's Jiangsu province, announced on Wednesday morning that it was cutting its steel scrap purchase prices by Yuan 30/tonne ($4.5/t) with immediate effect.
China's imported iron ore prices are expected to track downward further in November, pressured by the steadily widening gap between ore supply and demand, Mysteel predicts in its latest monthly report on the commodity.
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