Steel prices in China may recover in November

In September, China's average daily production of liquid steel was about 2.9 million tons, up 7.1% from the previous month. In October, the deficit of China's steel mills continued to increase, so they controlled production. At the same time, the average daily crude steel production in China ranged from 2.8 to 2.85 million tons. Steel demand and inventory consumption were low, so the market could not be optimistic.

It was expected that in November the supply and demand for steel will be balanced due to the reduction in production at steel mills. Steel prices were expected to recover.