Due to the dual impact of reduced demand and cost reduction, the steel prices in our province have significantly declined recently. On November 10th, the average prices of wire rod (6.5mm high) and threaded steel (28mm) in the province decreased by 7.3% and 6.8% compared to the previous period (November 3rd), decreased by 15.4% and 15.2% compared to October 6th (within the year), increased by 18.1% and 16.2% compared to the beginning of the year, and increased by 26.6% and 26.8% year-on-year.

The main reason for the recent significant decline in steel prices is a decrease in spot demand. Affected by strong cold air, there has been a significant cooling in the north, snowfall in some areas, construction site shutdowns, and a seasonal decrease in downstream demand for steel; Secondly, futures prices continue to decline. On November 10th, the closing price of the main domestic iron ore futures contract was 536.5 yuan, a decrease of 60.5% from the * * * * point 1358 yuan on May 12th this year. Steel futures prices have also significantly decreased, with the closing price of the main rebar contract on November 10th at 4246 yuan, a 26.9% decrease from October 11th.