China's monthly steel production stabilizes at 66 million tonnes

In October, China smelted 66.12 million tons of steel, which is in line with production in September, but 3.1 percent lower than in October 2014. Nevertheless, taking into account the fact that there are more days in October for a day, and the average daily steel production in China is 2.2 million tons, it can be concluded that production volumes continue to decline.

During the first 10 months, China produced 675.1 million tonnes of steel, down 2.2 percent from the same period in 2014.

In addition, the National Bureau of Statistics published on Wednesday disappointing data on industrial production growth - it amounted to 5.6 percent, which is 0.2 percentage points less than experts had expected.

According to the forecast of the Association of Iron and Steel Producers of the PRC CISA, steel production in the Middle Kingdom will fall by 3 percent in 215, and consumption - by 6 percent. From January to September, the demand for steel in the PRC decreased by 8.7 percent, but some rebound is expected by the end of the year.

Against this background, the data on the growth of imports of iron ore to China and the statements of the largest mining companies about a significant increase in the production of iron ore look grotesque.