The fall in daily crude steel output amongthe 247 Chinese blast-furnaceand 71 electric-arc-furnacemills under Mysteel's survey resumed during the last eleven days of October after the growth witnessed in the early and mid-October ten-day periods. New data shows that output fell by an average of 52,400 tonnes/day or 2% from the prior ten days to 2.58 million t/d on average, the lowest since late March 2020.
The retreat pointed to the fact that frequent requests from local governments had forced some steel mills to trim their production in late October. Besides, the softening steel prices and lacklustre demand in China also dampened the mills' keenness for production.
This was in line with Mysteel's other survey, which showed