Northern China's Inner Mongolia witnessed its steel products prices slightly go downward month on month in October, showed data from the regional development and reform commission.
But the prices still stood above the year-ago level, data showed.
In October, the composite prices of steel products used as building materials averaged 4,001.8 yuan/t in the region, down 1.77% month on month but up 51.38% year on year; that for common-quality steel plate averaged 4,346.97 yuan/t, down 0.30% from a month ago but up 36.05% from a year ago.
Average price of round bar ( ø16mm, HPB235) stood at 4,029.58 yuan/t in the month, down 1.22% from the month prior but up 47.38% from the year prior; stainless steel plate (1.2, 304/2B, cold rolling) average price at 17,049.33 yuan/t, down 0.47% on the month but up 19.87% on the year.
Market insiders expected the regional steel products market to fluctuate downward in November, partly as the cost decline might drag down the prices.
Coke prices posted sharp declines in October, adding to a total drop of 550-600 yuan/t since late September. During the past days of this month, there was no sign of slowing down for the price drop.
By November 7, the Quasi Grade I met. coke from Luliang was assessed by Fenwei at 1,620 yuan/t, down 23.2% or 490 yuan/t from October 9, ex-washplant basis with VAT.
Iron ore prices also edged down in October. Price for iron ore with IO62-CNO=MB averaged $59.00/t in the month, down $2.35/t from a month ago, according to Platts.
With the onset of winter, demand for steel products may worsen as most construction sites will suspend building activities gradually at chilling northern areas.
(Writing by Alex Guo Editing by Tammy Yang)
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