China's daily steel production continues to fall in mid-November

China's daily crude steel production continued to decline in mid-November, with volume down another 52,200 tons per day, or 1.9%, from the previous ten days to an average of 2.76 million tons per day, according to a Mysteel survey. among 247 blast furnaces. (DP) and 85 electric steel plants (EDF) across the country.

Some steel mills in northern and eastern China have suspended steel production or carried out maintenance to help improve air quality or meet local government demands for production restrictions, further reducing the country's crude steel production.

Meanwhile, the low rate of return domestic steelmakers were making from selling finished steel also dampened their enthusiasm for production to some extent, Mysteel Global has learned.

Another study by Mysteel found that the capacity utilization rate among the 247 BF steel mills it regularly monitors fell for the fifth straight week to a three-month low of 83.36% from November 11 to 17, down another 0.73 percentage points. lower than in the previous report. last week.

China's steel prices in the physical market continued to recover in mid-November, supported by improved domestic market sentiment with robust end-consumer consumption and increased demand for speculation, Mysteel Global notes.

As of Nov. 18, the domestic price of HRB400E rebar, which determines domestic steel market sentiment, was priced at 3,968 yuan per ton (554 US dollars per ton), including 13% VAT, up 63 yuan per ton. since November 10th.

Between Nov. 11 and Nov. 20, the daily trading volume of construction steel, including rebar, wire rod and coiled bars, among 237 Chinese trading houses regularly surveyed by Mysteel averaged 167,144 t/d, down only 910 t/d from from the beginning of November.