China's Steel Production Rebounds in October

Foreks - China's steel production rebounded in October, ending a four-month decline as the outlook brightened following Beijing's efforts to revive economic growth.

Healthier margins allowed steelmakers to produce more metal on a monthly basis for the first time since May, with production rising to 81.88 million tons, an increase of 6% compared to September and 2.9% year-on-year.

According to the National Bureau of Statistics, production increased by 2.2% compared to September and by 2.9% year-on-year, reaching 81.88 million tons. This increase indicates that the cumulative decline in output for the first ten months of 2023 has narrowed to 3%, while the industry continues to trend toward exceeding 1 billion tons for the fifth consecutive year at its current activity levels.