* Hot-rolled coil, cold-rolled coil prices unchanged in Nov

* China's steel demand set to decline in near future (Adds background, analyst quote)

SHANGHAI, Oct 12 (Reuters) - China's Baoshan Iron & Steel will keep its main steel product prices unchanged in November from October, the company said on Wednesday, in a move reflecting caution over steel demand for the remainder of the year.

Chinese steel mills have been suffering from shrinking margins amid a decline in demand and prices in the world's top steel-producing country, while weakness in developed economies and tight credit conditions in China are set to weigh on steel prices and demand in the coming months .

"The steel market is on the decline, and there is little hope for steel demand to improve largely over the next few months," said Du Hui, an analyst with Qilu Securities in Shanghai.

China's steel sector, whose profits have been whittled away by the cost of expensive iron ore, has again borne the brunt of Beijing's latest move to levy a resource tax of 8-20 yuan ($1-3)a tonne on coking coal from November 1. .

The firm, also known as Baosteel, is the country's biggest listed steelmaker and its pricing is often seen as a barometer of China's steel industry.

Baosteel will keep prices for hot-rolled coil, cold-rolled coil and other flat products steady, but cut electrical steel by 200-600 yuan per tonne for November bookings. ($1 = 6.375 Chinese Yuan)

Source: Reuters