According to a report released by the China Iron and Steel Association (CISA) on November 18, since no significant improvement has been seen in demand, domestic finished steel prices continued to indicate a declining trend in October.
According to the CISA’s report, in the January-October period this year China’s pig iron, crude steel and finished steel outputs amounted to 584.72 million mt, 675.10 million mt and 934.30 million mt, indicating respective year-on-year decreases of 3.3 percent, 2.2 percent and 1.0 percent, while China’s apparent consumption of crude steel totaled 591 million mt, down 5.7 percent year on year. Meanwhile, in the given period China’s net exports of finished steel amounted to 84.53 million mt, up 31.8 percent year on year.
As of mid-November, the composite steel price index (CSPI) in China has declined for four consecutive weeks since the third week of October, according to the CISA’s report. It is thought that China’s finished steel prices will likely fluctuate within a limited range in the coming period.