In September, the daily average output of China’s crude steel was about 2.9 million tons, increasing by 7.1% month on month. In October, the deficit of China’s steel mills kept expanding, so they controlled the production. At the same time, China’s daily average crude steel output was between 2.8 million tons to 2.85 million. The steel demand and the consumption of stocks were low, so the market might not be optimistic.

In November, the steel demand and supply were expected to balance by cutting production from steel mills. The steel prices were expected to rebound.