Chinese steel prices have risen this year due to capacity cuts and strong demand from major downstream industries.

China’s daily crude steel production extended its rebound in mid-October and reached 1.999 million tonnes, a five-month high.

Good morning from Fastmarkets MB’s offices in Asia as we bring you the latest news and pricing stories on Wednesday November 28.

China’s daily crude steel production extended its rebound in mid-October and reached 1.999 million tonnes, the highest since late May.

Steel billet prices in most global markets either held steady or continued to weaken during the week from Monday April 23 to Friday April 27 after global trading activity ebbed away amid soft demand.

If US President Donald Trump approves Section 232 recommendations made by the country's Commerce Department, it could threaten the European steel market with export reduction and the growth of redirected import flows, sources told Metal Bulletin.

The world’s billet markets became uncertain last week, with sentiment starting to weaken amid higher availability of China-origin material and volatility in the East Asian country’s domestic prices.

The latest news and price moves to start the Asian day on Friday June 22.

Metal Bulletin reviews the major stories affecting the steel market over the past week.

The Thai Cabinet has approved a draft bill this week that will allow the Industry Ministry to shut down mills in the country that produce substandard steel.