Huge stockpiles have prompted steel mills to cut prices despite robust demand since early September. But analysts speculate mills will finish de-stocking at a faster pace than the previous time which took two months.

If they make more efforts to cut output, prices would rebound as early as mid-October. The prices have reached their bottom line with little chance to further go down. They are expected to gain or lose at the current level for a while before edging up again.