China's crude steel output nears 4-year low

This is also the lowest level since December 2017, according to Reuters calculations based on data from China's statistics agency.

In October, China produced 71.58 million tons of steel, the fifth consecutive month of decline, and down 23.3% year-on-year, according to data from China's National Bureau of Statistics (NBS).

In the first 10 months of the year, China produced 877.05 million tons of steel, down 0.7 percent year-on-year, NBS said. This is the first drop in at least five years.

China's monthly steel output fell from July after double-digit growth in the first half of the year. The imposition of production restrictions and power shortages constrains both supply and demand.

Data from Mysteel shows that the weekly optimization rate at 163 blast furnaces in China fell to 62.39% in early November, the lowest since July 2, when heavy industrial operations caused pollution. restricted on the occasion of the 100th anniversary of the founding of the Communist Party of China.

Downstream demand also failed to meet market expectations, especially during the peak period of construction from September to October because the real estate market slowed down.

NDH