The downtrend and rot in Chinese domestic long steel product market is deepening and spreading across the nations as further correction happened on Thursday for the third consecutive day as Chinese leaders on Thursday affirmed their commitment to a "new normal" of slower economic growth next year

The slide in prices is likely to deepen further as the prospects of improvement in steel demand have further diminished with revelation of Chinese government’s stance on economic growth in 2015 as the leadership is comfortable with slower growth so long as the economy generates enough new jobs to avert a spike in unemployment and possible unrest.

Chinese leaders on Thursday affirmed their commitment to a new normal of slower economic growth next year. Following the annual planning meeting led by President Xi Jinping gave no growth target for 2015 but private sector economists expect it to be lowered to 7% from the 7.5% level.

The Chinese government pledged to take initiative to adapt to the new normal and promote innovation and structural adjustment. The leaders promised to expand access to basic public services and education for children and poor families.