Steel prices had plunged to the level of 1994. Winter is coming, indicating that spring is not too far away.” Qi Xiangdong, vice general secretary of China Iron and Steel Association (CISA) expressed.
Data from CISA shows that in Jan.-Nov., China produced 462.96 million tons of steel products, up 2.6pc over the same period last year, while the growth dropped back 14.1pc year-on-year. In Nov., China produced 35.9 million tons of steel products, down 4.97 million tons and 12.4pc from the same period last year.
Steel production showed unprecedented rapid decline in Sept.. In June this year, the daily steel production scored the historical high of 1.5648 million tons, equivalent to the annual production of 573 million tons. The daily steel production dropped to 1.3205 million tons in Sept., equivalent to the annual production of 482 million tons, while the average output fell to 1.1581 million tons in Oct., equivalent to that of 423 million tons a year. In Nov., the daily output plunged to 1.07 million tons, equivalent to that of 393 million tons per year.
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