SMM Steel Market Morning News: World Steel Association: China's crude steel production in October was 79.10 million tons, a year-on-year decrease of 1.8%. MLF large-scale excess continuation, issuance of trillion yuan of national bonds, the Ministry of Finance advanced the allocation of some new local government bond quotas for 2024. Recently, a package of strengthened pro-growth policies continued to exert force, releasing positive signals. Analysts believe that the subsequent proactive fiscal policy is expected to drive total demand, and a prudent monetary policy may gradually enhance economic recovery momentum through coordinated cooperation, such as through reserve requirement ratio reductions.
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