Chinese Crude Steel Output Extends Growth
Chinese crude steel output increased 12.7% year-on-year to 92.2 Mt in October, data from the National Bureau of Statistics show. Implied average daily production slipped just below 3 Mt/day, after averaging above this level each month in June-September. Nonetheless, production still rose by 5.5% to 873.9 Mt in the first ten months of 2020.
Meanwhile, steel stockpiles in major Chinese cities continued lower, declining 1.0 Mt in the week to 13 November to 11.3 Mt, according to U-Metal. Inventories have shed 14.7 Mt since peaking in mid-March.