Monday, October 13, 2008

China's steel prices plunge

China's domestic steel prices plummeted an average of 12 percent between Oct. 6 and Oct. 10. That is the biggest single-week decline since the year 2000, China Securities Journal reported Monday.

    Analysts attributed the drastic drop to worldwide economic turmoil, weak demand for steel products and high sales expectations set after the Olympics and the week-long National.

    As of Oct. 10, prices for hot-rolled coil, in ten major cities, averaged 3,867 yuan/ton (566 U.S. dollars). That's down 734 yuan or 15.96 percent from prices before the National holiday, according to Lange Steel, the country's steel information research institute.

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China's steel prices plunge_

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