For October alone, China produced 71.58 million tonnes of crude steel or down 2.9% on month, and the daily crude steel output last month hit the lowest since January 2018, reaching 2.31 million tonnes/day or having slid on month for the sixth straight month by another 6.1%, Mysteel Global calculated based on the NBS data.

Domestic lead prices across China declined for the second week over November 3-10, as falling prices of lead futures on the Shanghai Futures Exchange (SHFE) and anticipation of a supply recovery added to negative sentiment in the market, according to market sources.

Last month’s decline in shipments abroad showed that the central government’s policies discouraging the export of finished steel products are having some impact, market observers noted.

China’s total crude steel output fell significantly during the first seven months of this year, down 6.4% on year to 609.3 million tonnes, according to the latest data released by the country’s National Bureau of Statistics on August 15.

According to Mysteel’s survey on Thursday, China’s zinc ingots social inventory of six districts was 50,200 tonnes, with a decrease of 2,100 tonnes over Monday and an increase of 1,300 tonnes over last Thursday.

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