China’s daily crude steel output down in October

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Crude steel production averaged 2.0994 million tpd over the month, down by 3.73% from September. This is the first time levels have fallen below 2.1 million tpd since February.

The decline was within expectations, as a depressed domestic steel market discouraged steelmakers from maintaining high output levels.

The country’s daily crude steel output had started to slide at the start of October in response to falling prices.

However, total output for the month was up 9.2% year-on-year at 65.08 million tonnes.

During the first ten months of the year, China produced 652.48 million tonnes of crude steel, up 8.3% compared with the same period of last year.

Meanwhile, China’s finished steel output totalled 92.81 million tonnes in October, up 12.3% on an annual basis.

Accumulated finished steel output amounted to 888.32 million tonnes in January-October, up 11.6% on the year, according to NBS figures.