China reduced steel production by 4.3% in November

China reduced steel production by 4.3%  in November

In November 2024, China’s steel companies reduced steel production by 4.3% compared to the previous month and increased by 2.5% compared to November 2023, to 78.4 million tons. It is reported by Reuters 

The average daily steel production for the month amounted to about 2.61 million tons, compared to 2.64 million tons in October and 2.54 million tons in November 2023.

The decline in steel production in November compared to the previous month was mainly due to lower margins for steelmakers due to the seasonal decline in demand and stable iron ore prices. In particular, steel consumption was affected by cold weather conditions in northern China, which halted construction work.

According to LSEG, rebar prices fell by 2.1% in November, while iron ore prices rose by 3.1% over the same period.

China’s 2025 steel demand to fall 1.5% on year, state research institute says

China’s 2025 steel demand to fall 1.5% on year, state research institute says China’s steel demand is forecast to fall 1.5% in 2025 and drop 4.4% in 2024 from the year before, the state-backed China Metallurgical Industry Planning and Research Institute (MPI) said on Friday. China’s steel consumption in 2024 and 2025 is forecast at 863 million metric tons and 850 million tons, respectively, it added. The world’s largest steel producer manufactured a total of 929.19 million tons of crude steel in the first 11 months of 2024, down 2.7% year-on-year, official data showed on Monday