Wuhan Iron & Steel Co. decided to cut hot-rolled coil prices by 150 yuan ($22.61) to 4,110 yuan ($619.63) per ton from November. Cold-rolled coil prices will also be slashed to 5,060 yuan ($762.85) per ton. Rival Angang, the country's fourth-largest, followed by dropping hot-rolled coil prices by 200 yuan ($30.15) to 3,620 yuan ($545.75) per ton and cold-rolled coil prices by 150 yuan ($22.61) to 4,490 yuan ($676.92) per ton, from the previous month.

The China Iron and Steel Association expects that domestic steel prices will stay volatile due to slow seasonal demand and as the government implements more policies to curb inflation.