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.

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.

As the global steel industry advances low-carbon development, the maximum utilization of steel scrap will be the most practical approach to help reduce carbon emissions in the near- to medium-term future, suggests Zhong Shaoliang, chief representative of the Beijing office of the World Steel Association (WSA).

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.

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