The raw material costs for steelmaking dropped sharply during the first eight months, according to statistics from China Iron and Steel Association (CISA).
The average scrap steel price, which the monitored steelworks paid during January-August, shrank 30.9 percent compared to the same period of 2014, the CISA data showed.
According to the data collected from monitored steelworks, average price of imported iron ores and Chinese homegrown iron ores reduced 40.32 percent and 35.64 percent, respectively, year on year during January-August.
Average coking coal price declined 18 percent on year, and metallurgical coke price fell 20 percent, the CISA data showed.
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