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Chinese steel mills continued to gradually increase production in mid-November on higher market prices and better margins. They also managed to lower their stocks.
Daily crude steel output at major Chinese mills (members of China Iron and Steel Association, CISA) added another 0.45% in the middle of last month after a 1.1% increase during the previous ten days. The average production was 2 million t over the corresponding period. The mills were pushing utilization rates up, enjoying better margins. “Iron ore quotes dropped in November, while steel prices were on the rise,” a major mill in Liaoning province told Metal expert.
Demand was better than in October, which let producers unload their inventories by 1.3% to 12.1 million t by November 20, according to CISA release.
