Global steel prices may continue with ongoing downward adjustments until the end of March, according to a research report of the China Iron and Steel Association.

Analysts with the association said the cyclical adjustment in the global market was inevitable as many international organizations including the World Bank have revised down the growth projections for the global economy.

"The world economy, as well as the steel market, have already entered a cyclical adjustment process," said the report.

In January, the benchmark price indexes of different types of steel products have all registered declines from the previous month in the global market.

In the near future, the Asian market is expected to keep up with the adjustment momentum steadily, with the European and American steel markets likely to continue with weak performance or slides.