The German steel giant ThyssenKrupp has been hit in turn by a slump in global demand, and has followed rivals in lowering its prices.

ThyssenKrupp had to make "slight concessions" in prices on the spot market, its spokesman was quoted as saying to the financial daily on Friday.

The newspaper also quoted analysts who said the reductions would be in the order of 10 percent.

Earlier this week, the Chinese steel group Baosteel announced it would cut prices by 10 percent in the fourth quarter of this year, the same amount chosen by world leader Mittal Steel.

Slumping demand has rapidly cooled off the steel market in the past few months, following a spike in prices owing to sharply increased demand from China.

Several steel producers including ThyssenKrupp and Arcelor had cut back production in the third quarter but did not manage to stem a fall in prices.