Nov.10th Chinese market recap- Chinese market is stable and price is kept. Data shows October steel export is around 9.85 million MT which might touch 0.1 billion MT again in 2026 and import is much less comparing to. The social inventory might approach the turning point and northern mills is facing cut plan and soft balance is kept. Export market is firm then most base is kept around 500fob for HRC then plate base is softer 2-3 dollar due to less order at year end. Local billet index unchanged and steel export index unchanged. Raw materials do not move then Hebei area policy might have bigger influence on demand. Market had less movement while changing power might be from the inventory accumulation in winter and mills might cut more.
