Emerging from turbulent autumn steel market in China has seen glimmer of revival. The same factors which proved to be nemesis couple of months back has turned into blessing in disguise.
Slide in Crude steel production. Daily crude steel production slid from 1.76 million tonnes per day in October to 1.66 million tonnes in early November.
Decline of inventory in domestic market
By November 11 the total inventory of the five major steel varieties including rebar, wire rod, medium plate, cold rolled steel and hot-rolled steel stood at 13.43 million tonnes, decreasing 1.76 million tonnes from the week of October 8.
Iron ore prices have commenced climbing having improved by nearly 12% in the last fortnight.
| Class | 04-Nov | 17-Nov | Change | % |
| CLPPI | 7794 | 7937 | 143 | 1.8% |
| CFPPI | 6882 | 6871 | -11 | -0.2% |
| CHISPI | 7277 | 7333 | 56 | 0.8% |
CLPPI - Chinese Long Product Price Index
CFPPI - Chinese Flat Product Price Index
CHISPI - Chinese Steel Price Index
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