In the first 10 days of November, steel prices rose about 9 percent. Correspondingly, the country's three largest steel manufacturers expressed different responses to the matter, and some raised the ex-factory prices of their steel products.

Baosteel Group, the largest iron and steel conglomerate in China, maintained the factory prices of its major products unchanged in November and will continue to do so in December; while its ex-factory prices for some products, including hot-galvanize and silicon steel, had their prices raised by about 100 yuan ($15.07) to 200 yuan ($30.13) per ton.

Different with Baosteel, other two steel giants, Hebei Iron & Steel Group Co. Ltd. and Jiangsu Shagang Group, raised the ex-factory prices of their products for the middle of November largely, with the highest adjustment reaching 450 yuan ($67.78) per ton.

An insider from the purchasing department of Hebei Iron & Steel Group Co. Ltd. said that the main causes for the adjustment are rooted in the decrease in supply and consumption of the inventories, as well as rising costs.

In closing, Zhu said that future such trends will be dependant on governmental policies: If the central bank raises interest rates, prices will reduce, but if it does not tighten policies, the situation will maintain in the short-term.