China's steel products used for construction slumped during the week from July 9 to July 13, China Securities News reported, citing data of 96369.net, an online steel products spot-price trading platform.

As of July 13, prices for 25mm HRB335 carbon steel bars in 48 major markets averaged to 4,046 yuan ($634.88) per ton, down by 60 yuan per ton compared with the previous week.

Baoshan Iron and Steel, the largest steelmaker in China, said it will cut prices of its main products in August, the second consecutive cut in a year.

The company will cut hot-rolled coil prices by 200 yuan per ton, and cold-rolled coil prices by 260 yuan per ton.

Analysts predicted that the recent declining trend of the steel industry will not reverse soon as China's economy is slowing down and steel mills have not decreased their output.