China's major steel mills report rising losses (3)

Inventories of five main steel products including hot-rolled coil and rebar in 26 major markets fell 2.8 percent from the end of October to 12.08 million tonnes on Nov. 9.

The association asked steelmakers to control costs, especially procurement costs, and improve their product mix.

Wang predicted demand recovery in the fourth quarter with the implementation of pro-growth measures rolled out by the government. These included more aggressive fiscal spending, structural tax reduction, monetary loosening and state-run sectors opening to private capital.

"Steel prices rose slightly in late September, showing signs of a recovery in the steel market. Demand may improve in the fourth quarter," he said.

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