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China's domestic steel prices plummeted an average of 12 percent between October 6 and October 10. That is the biggest single-week decline since the year 2000, the China Securities Journal reported Monday.

Analysts attributed the drastic drop to worldwide economic turmoil, weak demand for steel products and high sales expectations set after the Olympics and the week-long National.

As of October 10, prices for hot-rolled coil, in ten major cities, averaged 3,867 ($566) yuan a ton. That's down 734 yuan or 15.96 percent from prices before the National Day holiday, according to Lange Steel, the country's steel information research institute.

Steel hit a record high price of 5,960 yuan a ton on June 5, this year.

The institute also showed prices for medium plate and cold rolled coil averaged 4,550 yuan a ton and 5,264 yuan a ton. That's down 12.75 percent and 9.63 percent, respectively, compared with prices from the end of September.

Xu Xiangchun, a senior industry analyst with the Mysteel.com website, said slacking sales, an excess of steel in storage and lower confidence of the country's macro-economy caused domestic steel prices to fall.

The price of iron ore and billet also fell.

Iron ore was 1,200 yuan a ton at the end of September, 12.4 percent lower than a month ago.

Xu added, a slump in the world economy, real estate sales, automobile sales, global stock markets and futures markets added to steel producers' frustrations.

There was also less demand for steel because companies produced fewer metal products. Outputs of air conditioners, small-sized tractors, refrigerators and automobiles declined by 18.2 percent, 10.5 percent, 6 percent, and 3.3 percent from the end-August, respectively.

The country's real estate sector experienced a severe downturn as well, which also resulted in less steel consumption, said Hu Kai, a senior analyst with the Umetal.com website.

"The continuous slide of steel prices, for ten weeks, has reversed the fast growing momentum of China's steel industry", Xu Leijiang told Lange steel.

Major steel companies including Shougang Group, Hebei Iron and Steel Group, and Anyang Iron and Steel Group said they would slash production by 20 percent to stabilize the domestic market.