[SMM Blast Furnace Operating Rate] As Macro Expectations Boosted Steel Mill Profits, Blast Furnace Operating Rate Remained Stable

According to an SMM survey, on October 30, the blast furnace operating rate of 242 steel mills surveyed by SMM was 90.60%, stable WoW. The blast furnace capacity utilisation rate was 91.17%, down 0.02% WoW. The daily pig iron production of the sample steel mills was 2.4505 million mt, down 400 mt WoW.

Image 1: Blast Furnace Operating Rate & Capacity Utilisation Rate

Data Source: SMM

Image 2: Future Pig Iron Forecast

Data Source: SMM

During this period, three blast furnaces were under maintenance, and three blast furnaces resumed production. This week, with the decline in coke prices and the gradual strengthening of macro expectations, steel mill profits expanded again, and the production enthusiasm of steel mills recovered. Looking ahead, recent macro policy expectations continue to ferment, and market bullish sentiment has strengthened, which is expected to drive steel prices to increase slightly. However, considering the upcoming off-season for steel consumption, although steel mill profits are currently good, the resumption of production is relatively cautious. In the short term, pig iron production of steel mills is expected to continue the trend of slight increase.

190 Sample Blast Furnace Operating Rate