The controversy between supply and demand on the Chinese steel market in October weakened even more, as supply declined due to cooling demand, which constrained steel prices, the China Metallurgy Association (CISA) said in a statement on November 18.
Official data showed that the average daily production of crude steel in China in October was 2.63 million tons, down 4.7% from the previous month, accelerating 2.7 percentage points compared with the fall in September.
On an annualized basis, domestic steel production in October fell by 0.6%.
Based on the output and customs data, which indicate a net export of 3.91 million tons in terms of crude steel last month, the average daily supply of steel in October is estimated at 2.5 million tons, which is 4.3% less than a month earlier.
