In September, the crude steel production in China was about 87 million tons, and the net crude steel exports amounted to 4.26 million tons. The apparent crude steel consumption totaled 83.33 million tons, with an annual growth of 16.4%.

In October, the deficit of China’s steel mills expanded, so some mills decided to cut their production. Also, the steel demand and the consumption of stocks were low.

In terms of outlook in November, the market might not be optimistic because of the epidemic, the low real estate market, and Fed’s probably increasing the interest rate. As a result, China’s crude steel production was expected to go down in November.