China's steel industry executives and analysts said Friday by the lower steel demand continues to decline and is expected this year, China's steel prices will fall further.

    Traders said that China's largest steel production company Baoshan Iron & Steel Co., Ltd. (Baoshan Iron & Steel Co., 600019.SH, referred to as: Baosteel shares) in the cut in October after steel prices, is preparing to further cut the price in November, other large-scale Steel producers cut prices could follow.

    According to Friday between the traders and analysts circulated a document showing that Baosteel plans in October on the basis of the price to the majority of hot-rolled steel and cold-rolled steel prices down RMB 800 per ton, or 10%.

    Baoshan Iron & Steel Sales, one executive said he was not aware that the company will adjust the price.

    Chinese steel prices hit record highs in June, following, after a cumulative total has dropped by nearly 20%.With the further deterioration of the economic outlook, the recent price decline is accelerating momentum.

    Baosteel Group Corporation (Baosteel Group Corp.) Xu Le Jiang, chairman of a steel forum in Beijing on Thursday, said the current weakness in steel demand, orders decline.

    Jiangsu Sha Steel Group (Jiangsu Shagang Group Co.) Vice Chairman Jia Xiang on the sidelines of the Forum, told reporters that the impact of weak economic growth, China's steel demand growth will continue to slow down. Jiangsu Sha Steel Group is China's largest private steel producer.

    The rapid decline in steel prices has prompted some small and medium sized steel producers cut production from the beginning in August, but failed to restrain the pace of price decline.