It is reported that the growth momentum in China's steel production continues to slow down in October 2007.

The October production of crude steel stands at 42.92 million tonnes up 13.5% from October 2006, but 4% points slower than the comparable YoY growth rate for September 2007. The average daily production of October 2007 reduced to 1.38 million tons down by 2.75% MoM or by 39,000 tonnes from September 2007 level.

The October production of pig iron stands at 40.84 million tonnes up 13.2% from October 2006. The average daily production of October stands at 1.32 million tonnes, basically in line with September level.

The October production of finished steel products is 49.08 million tonnes, up 17% from October 2006, but 2.9% points slower than the comparable YOY growth rate for September 2007. The average daily production of October dwindles to 1.58 million tonnes, down 2.26% or by 36,600 tonnes from September 2007 level.

Compared with a year earlier, heavy plate production of October 2007 surges 34.2%; medium plate, up by 29.7%; wide and medium-thick strip, up by 39.1%; CR wide and thin strip up by 30%; silicon steel, up 52.1%.

The slowdown in steel production growth indicates that Chinese steel mills are readjusting production to offset the mounting pressure from raw material price hikes.

(Sourced from MySteel.net)