SHANGHAI, Nov 20 (SMM) – The contradiction between supply and demand in China's steel market further eased in October, as supply shrank with cooling demand, which kept steel prices moderated, said the China Iron and Steel Association (CISA) on November 18.
Official data showed that daily production of crude steel in China averaged 2.63 million mt in October, down 4.7% on the month, accelerating 2.7 percentage points from the drop in September.
On a yearly basis, domestic daily output of crude steel was 0.6% lower in October.
Based on the output data and customs data that indicated net exports of 3.91 million mt in crude steel equivalent last month, daily average supply of crude steel in October is assessed at 2.5 million mt, down 4.3% from a month ago.
