China’s daily crude steel production inches up slightly in November

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Crude steel output in China rose 0.5% in November to an average of 1.916 million tpd, according to the National Bureau of Statistics (NBS).

The November output was 13.7% higher on an annual basis. Total output for the first 11 months of 2012 was 2.9% higher at 660.125 million tonnes.

“Prices of flat products were stable in November. Steelmakers were encouraged to produce more material to offset the losses that they have incurred so far this year,” a Beijing-based analyst said.

Figures from the NBS also showed that China’s total fixed-asset investments in November rose 1.3% month-on-month.

“We feel that the winter stock-up hasn’t happened as usual, so steelmakers are unwilling to produce too much material. Output in December is likely to remain at the same level,” a Shanghai-based trader said.

If the trader’s forecast is accurate, China’s crude steel output for the full year will be about 720 million tonnes.