November 2 -- Jiangsu Shagang (002075.SZ) has announced its November product prices, reports China Securities Journal. It lowered the per-ton prices of steel wire by 220 yuan, deformed steel bars by 150 yuan and screw steel by 200 yuan. Currently, the per-ton ex-factory prices of 6.5mm HPB235 steel wire and 16-25mm HRB335 deformed steel bars are 4,500 yuan and 4,380 yuan, respectively.

One industry observer from China United Steel.com says the Zhangjiagang-based firm cumulatively lowered the price of deformed steel bars by 570 yuan per ton in October.

The domestic steel price has dropped sharply since September. Specifically, prices of deformed steel bars, steel wire and hot-rolled steel tumbled 600 yuan per ton that month.

The price of iron ore fell by 260 yuan per ton last month, an eight-percent decline.