Nov.13th Chinese market recap-Chinese market is stable and price goes 5-10 less in local sales. There are continuous decline of production and inventory keeps lower then price is stuck. Debar daily trade is around 80000mt and most social inventory cut comes from long items. CRC price had some periodical repair in southern China.Export market is firm with specific mills 495 fob for HRC and coated orders are positive for year end shipment. Local billet index unchanged and steel export index unchanged. Raw materials do not have big changes while port is lower in ready cargo and better delivery to mills took place. Brief summary of week 46th: Chinese steel lacks breaking power due to winter demand while cost side is firm to support market level. There are declining process of steel output and high possibly mills will have more overhaul in winter and traditional stocking policy might change in favor of buyers now. Global demand shows better so export volume stays on high side and most contribution comes from the new market from African and ME market. Nice weekend !
Nov.13th Chinese market recap
