Mysteel’s chief analyst Wang Jianhua forecasts further declines in China’s steel prices in November. The downturn stems from falling raw material costs and an ongoing imbalance between steel supply and demand. Industry observers highlight persistent market pressures as key drivers of the trend.
Mysteel’s chief analyst Wang Jianhua forecasts further declines in Chinese steel prices this month, citing potential drops in raw material costs. The outlook follows last month’s steady price decreases, signaling continued market pressure. Analysts attribute the trend to broader supply-demand imbalances in the sector.
Major Chinese stainless steel mills reduce October procurement prices for high-carbon ferrochrome (HC FeCr) by 200 yuan per tonne ($30/tonne) under long-term contracts. The price adjustments reflect shifts in supply-demand dynamics for key raw materials in stainless steel production. Mysteel Global reports the downward trend in bids, impacting downstream manufacturing costs.
China’s high-grade nickel pig iron (NPI) prices decline further in the domestic spot market as stainless steel mills reduce demand and oversupply persists. The downward trend reflects sustained pressure from weak mill activity and excess ferroalloy inventories. Industry participants cite no immediate signs of stabilization in near-term pricing.