Steel prices expected to rise in China

Chinese market participants expect steel prices to rise over the next month, due to a reduction in production in the main production segments.

At the same time, the CSSI forecast, which measures the volume of new orders at the domestic and export levels, remained virtually unchanged, down 1.68 points from October.

The outlook for domestic steel orders in November fell 1.94 percentage points to 32.36, while expectations for export orders rose 1.34 points to 26.94.

Price expectations for long steel products, such as rebar used in construction, jumped 50.00 points from the previous month, while expected prices for sheet steel fell 31.67 points in November.

Market participants expected steel production to begin to slow down next month, with the index falling 9.38 points from October to a record low in November. Inventories held by traders are expected to decline in November.