The China Iron and Steel Association (CISA) claims that raw materials costs for steelmaking dropped sharply over the first eight months of 2015.

The average steel scrap price for the period dropped 30.9% when compared with the same period in 2014.

Data collected from monitored steelworks showed that the average price of imported iron ores and Chinese homegrown iron ores decreased 40% and 35% respectively year-on-year over the period.

The price of coking coal dropped 18% and metallurgical coke fell 20%, according to CISA.