The typically strong demand for finished steel products in the September-October period has not appeared in China this year, sources said.
Market sources expect the housing market, in particular, to be quiet in October
with construction companies announcing no plans to build inventories over this period.
Additionally, market concerns about the Covid-19 pandemic
in the United States have weighed on the futures market.
These factors combined resulted in a sharp drop in finished steel prices in China, which dragged raw materials' quotes down too, sources said.
Fastmarkets’ daily index for iron ore 62% Fe fines, cfr Qingdao was $114.67 per tonne...